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

What if Long Beach had a Real Ocean Front?

What would a Real Beach do for Long Beach?

 Have ever thought what impact a real Beach might have on Long Beach?

Seriously, do you think have a natural; un-obstructed ocean would be good for us?

 I do!

 I was just up in the Marina Del Rey / Venice Beach Area doing an appraisal of an Oceanfront Condo. As I stood there and looked out the window, I thought how great the view was. No Breakwater, the real sound of waves crashing on the beach.  Then, when I was outside, there were people all over, walking, jogging, surfing. I walked down to the Venice Pier and looked around at all the activity. I thought of Belmont Pier and what a waste of a good thing it is.

 Just think if we had that kind of activity here. If Long Beach actually became a destination location for its beach. Wow! Crazy!

 What do you think this would do to real estate values?

 I would love to have your comments.

Here are a few shots I took of Long Beach this past December, 2010

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February 22, 2011   No Comments

Current Long Beach Real Estate Market as of 1/24

The current Long Beach Market remains sluggish, we are still in a “Buyers Market” . The Market Action Index(MAI) is still below 30, anything below is a buyers market, anything above is a sellers market. The 90 day MAI stands at 17.20. The inventory has been tightening and the days-on-market has been increasing to an average of 165 days. This is not good for the overall market.

Agents, these reports from an appraiser, along with your CMA are a great tool to bring to a listing interview.  An added feature would be a Desktop Appraisal of the subject house.
If you are interested, please call Craig Wallace at 562.673.1138

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January 25, 2011   No Comments