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