Posts from — September 2011

How to Prepare for an Appraisal?

I have talked to so many homeowners over the years that do not understand what an appraisal is for and how to be ready for it. Today I will focus on how to prepare for it.

 Here is a simple list in no particular order:

 Return the appraiser’s phone call as quick as possible. We are under a deadline and you want to close your loan. The faster we set the appointment the quicker you report will be completed.

  1. Have a list of all recent improvements ready for us when we arrive. This will help when we do a walkthrough.
  2. Have all rooms unlocked and ready for me to inspect.(this includes bedrooms with sleeping teenagers, they should be up by noon)
  3. When I ask in the phone interview if you have an unpermitted addition, tell me the size. This way I can pull two sets of comps to make sure I have the proper square footage covered and I don’t have to drive back.
  4. Try and remove the clutter. Clutter will not count impact your value unless it has caused damage, however, it will make the pictures better.
  5. If you have a dog, make sure it is under your control before I come in.
  6. If this is a condo, have the following; HOA name, HOA contact #, HOA dues amount, number of units in HOA.
  7. I need to look in the garage; I need to make sure no one is living in there.
  8. Please don’t ask us what we think the value is, we can’t discuss this with you.
  9. Please don’t tell us what the loan amount needs to be, this might be considered “trying to influence the appraiser”
  10. If you home falls under any of the following, please tell us. Historic Property, Mills Act, Historic Neighborhood, National Registry of Historic Homes, etc…This is critical and has a impact on value and comps we choose.
  11. Remember, the appraisal is for the “lender”, not for you.

 If you have any questions regarding Appraisals or need an Appraisal in Long Beach, Los Angeles or Orange County, please call Craig at Wallace Real Estate Services  562-673-1138.

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September 16, 2011   No Comments

The cost of a Busy Street

Greenbrier vs Clark Avenue

I was recently doing an appraisal of a house on Greenbrier Road in zip code 90815. This street runs paralell to Clark Avenue. Clark is a busy north/south 4 lane road, and Greenbrier is just to the east.

I went back to 2000 and pulled all the sales between Atheron and Stearns and plotted them on a chart. What is shows is a linear difference of about $60,000 from Clark to Greenbrier. Doing an appraisal, I would have to make a location adjustment for any comparable on Clark Avenue vs an interior location.

If you find this interesting and need any charts or have any Appraisal need in Long Beach, please call 562-673-1138.

So, you

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September 8, 2011   No Comments