| Understanding what an appraisal is, and how | | | | neighborhood. The appraiser will also be |
| it is done can help maximize the appraised | | | | photographing the outside of the property, |
| property's value. | | | | possibly the inside and probably the street |
| | | | scene. |
| Appraisers typically do the following when | | | | |
| appraising a home or residential property (as | | | | What to do when the appraiser makes his |
| compared to a business). First, they | | | | appointment to visit your home? Appraisers |
| research the property anyone can get from | | | | are human and although they try to work as |
| public records regarding the year the home | | | | objectively as possible, I know they can be |
| was built, and sometimes by what builder, the | | | | positively or negatively influenced even if |
| size of the home measured usually in square | | | | subliminally influenced by what they see and |
| feet, and the number of bedrooms, bathrooms, | | | | hear. So, clean up your property putting |
| and how large the yard is. This, along with | | | | away offensive looking items. Mow the grass, |
| knowing what neighborhood the home is | | | | they look at that. Straighten up and clean |
| located, gives them a base of knowledge. | | | | the inside of the home as well. Everything |
| | | | will help the appraisal. |
| Next, an appraiser will gather and compare | | | | |
| other homes similar to the subject. Usually, | | | | Last, and this is important. If you received |
| the appraiser will look for three or more | | | | an offer for your home higher than you, after |
| homes within a one mile radius, and that have | | | | considerable research, determine the home's |
| sold within the past six months. Of course | | | | worth, you will have to justify this to the |
| there are occasions where they have to reach | | | | appraiser. Again, the appraiser thinks he is |
| outside these generalized boundaries or close | | | | objective and 90% of what he records and |
| them in because they get too few or too many | | | | compares is objective, but if you know |
| homes. With in the Phoenix MLS, real estate | | | | positive things about your home that his |
| can range from being tightly built, to large | | | | "comps" may not have, type a list and leave |
| cotton or citrus farms that are a mile square | | | | it for him, or even hand it to him. Some of |
| themselves. These three or more homes then | | | | these items in the Phoenix area may include |
| are the "Comps" or Comparable Properties that | | | | whether your home is on a preserve or against |
| the appraiser will use to compare your home, | | | | a golf course where his other comps are not. |
| or the subject property against. | | | | Be sure to let him know if and how much your |
| | | | "lot premium" was you paid. Or if you have |
| Last comes a field inspection. For the | | | | just rehabilitated your home, make sure he |
| subject property, the appraiser is going to | | | | knows how much all the new items were. He |
| walk the perimeter of the exterior then walk | | | | will not want or ask for receipts, but a list |
| the interior. He will be noting both the | | | | with an estimate if, say you put $50,000 of |
| good, bad and ugly. Hopefully, your subject | | | | upgrades in your home, could just bring the |
| home in Phoenix, Ahwatukee, Chandler or | | | | appraisal in at the price you accepted. |
| Gilbert will be the nicest in the | | | | |