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HELP!! The appraiser is coming! Sorry this is long. ;(

Posted by on May. 2, 2010 at 1:53 AM
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I have decided to stay put in my current home.  Perhaps when the market improves I will jump into a new home.  I am doing a very small mortgage, (in fact so low, I have to pay an extra 1/4 discount point because the loan is under 100k!  YES, I do like my very small cape cod style cottage. 

I have been in deep prayer over what I needed to do.  I have found a fantastic contractor who specializes in making home handicap accessible at a very reasonable price.  I have checked him out with the BBB and the State Boards, I went to  3 of his projects, and the folks seemed very pleased with the cost, time and quality work done.  I liked the work too.

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I HAVE TO HAVE AN APPRAISER COME TO THE HOUSE FOR THE MORTGAGE COMPANY!  Now understand that I am disabled, my maid quit on me last week, and the house is in a total mess.   My son said he would come home next weekend, or one day before the appraiser gets here to make the house look presentable.


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Will the appraiser just look at the structure, the roof, the condition of the interior, plumbing, etc?  Even if I have to shove every thing in plastic bags and put them in the car, that is what I will do. 

Also note, I am in the middle of having wider doors put in 36 inch doors so I can get around with my chair. 

^^^^^^^^^^ Should I worry?  It will cost me $375.  I got a 10k loan and my contractor said with that I could replace a section of cabinets in my kitchen, make my bathroom h/c ready, a walk in shower, and move the laundry room from the bedroom to an empty space, and I can make the laundry area in the 3rd bathroom back into a closet.  So it will still be 3//1 but it will be nice.  I should have the 10k mortgage paid off in about 3 years.  Hopefully by then I will have more money saved up to put towards my 'dream home'  And I have accepted that IF this home is my dream home, I am still happy here.  Yeah, some really bad things happened to my friends/neighbors here, I found 3 out 5 of them dead myself.  But they are at peace.



by on May. 2, 2010 at 1:53 AM
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Replies (1-10):
table4six
by Bronze Member on May. 2, 2010 at 9:00 AM

I'm not much help, sorry!  I did ask my DH for you (he worked in construction for a long time) and he said, most appraisers look past the normal household mess.  I say do what you can, and try not to worry.  I know that's hard!!!!  Let us know how it goes, and here is a BUMP for you, someone else might can answer your questions better! 

michiganmom116
by on May. 2, 2010 at 9:12 AM

Appraisers look at the size of the house, how many bedrooms, how many bathrooms, garage or not, year the house was built, is the electrical system fuse type or circuit breakers (age of the wiring), age of the plumbing, how updated the kitchen & bathroom are (dishwasher?  tub & shower or just shower or tub?  etc), type of windows and siding, and basement if you have one.  Normal household mess and normal wear & tear on the paint & floorcoverings aren't usually taken into account, although getting clutter out of the way can make the appraiser's job easier.  If you can create the impression that your home is well cared for, it could go better for you on the appraisal vs. a home that is messy and looks trashed.

Can you hire a maid or cleaning service for one day to come in and help you?


campeno
by Admin on May. 2, 2010 at 9:36 AM

 In the full scheme of things they look beyond the typical household  messes, but I would think the appraiser may be swayed a bit if he sees a messy house. a messy house may indicate the house has not been properly maintained structurally (gutters, roof, electric, plumbing, etc.)

I would hire a maid service to come before the appraisal if you can't get to it yourself...can't hurt!

GOBryan
by Bronze Member on May. 2, 2010 at 9:37 AM

Appraisers generally look at the outside structure, not the inside. In many occasions, you don't even see them unless they knock.

Joeygoat
by on May. 2, 2010 at 4:31 PM

Oh thank you all!  The story of my home is this; it was built in 1959 and in 1995 it was hit by a tornado.  I have all new walls, doors, windows, siding, electrics, new a/c heat last year, I do have a dishwasher and a disposal, (not very common in this neighborhood),, I also have a fireplace, only one of two in my subdivision.  I have a carport, not near the home, but in the back yard, it was used for a boat shed.  I have a VERY large storage shed with power, and a covered patio the entire length of the house.  I also have a nice front porch, too.  I will be putting a new roof in a couple of weeks.  No roof leaks, just hail damage. I have also redone the floors to hardwood.  I have a security system and a fire system in this home.  I sit on a very nice LARGE flat lot, all fenced in for my puppy dog. Any issues that need to be changed or repaired, will be done by the $10 k loan I am taking out. 

GOBryan
by Bronze Member on May. 2, 2010 at 5:32 PM

Well it sounds like you've practically renovated the place, which is great if you ever decide to sell.  I do agree, as a Realtor, that this is NOT the time to sell.

This is a great time to buy and there ARE buyers out there. Great time for investors as well.

BUT...

A bad time to sell.

Real Estate always moves if one understands what kind of market they are in. I love to LIST homes because as a LISTING agent, I put a sign up, market the home to get Buyer Agents excited about selling my listed home. Listing Agents do NOT usually sell the homes they are listing. Most Listing Agents do not even work with buyers.

Right now, I'm playing the Buyer's Agent which is not really as productive because I'm wasting gas, showing people homes, unknown whether they will actually buy a house from me, since there's no contracts with Buyers until they find a home. BUT.. It's what the market yields right now. I'm also working with Investors.. which is the same as dealing with Buyers but at a different level.  

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caham
by Owner on May. 2, 2010 at 7:07 PM


Quoting GOBryan:

Appraisers generally look at the outside structure, not the inside. In many occasions, you don't even see them unless they knock.


This isn't true for a home equity loan or construction loan.  A bank will require a full inside appraisal in order to determine the current value of the home and projected value of the home once the improvements are made. I used to work in a bank, I also was a Realtor, and anytime an appraisal was required for a bank mortgage the appraiser was required to inspect the inside of the home. Maybe the laws in your area are different. The only time that I know of appraisers not doing an inside inspection are for real estate tax assessors and for a real estate competitive market analysis.

Like the other posters mentioned, the appraiser is looking at square footage, updates of both the mechanical systems and cosmetic features, you can explain to him that you are in the process of doing some updates so that he can make note of that.

Christine - Group Owner of Home Decor and so Much More!


campeno
by Admin on May. 2, 2010 at 7:49 PM

 I just had an appraisal a few months ago and the guy walked all through my house (eek!) as well as the yard. Took measurements, etc.

GOBryan
by Bronze Member on May. 2, 2010 at 9:01 PM

I find that unusual because the value of the home is not only based so much on the condition but the neighborhood comps. What's sold, what's pending under contract and what's active for sale within the last 3 months or so. A person can over-improve their homes and it wouldn't account for anything if it's not comparable with the neighborhood homes. Even for an equity.

Like the appraiser said when I bought my house. "I don't care if the driveway is made of gold, it wouldn't raise the value because the other homes in the area. The house isn't worth anymore than the neighborhood will yield."

Maybe they just want to see what part of the price range the house falls into. For example: $150k - $180k..  $150k being the low range, $165K midrange and $180k high range.

That's the only reason I can determine that he'd walk throughout the house anyway but it's really not a necesity. Square footage of the house is generally taken from the outside of the home.

Quoting campeno:

 I just had an appraisal a few months ago and the guy walked all through my house (eek!) as well as the yard. Took measurements, etc.

 

http://www.cafemom.com/group/109589 Fathers Rights Cause


http://www.cafemom.com/group/42836 The Spiritual Cafe


NAMASTE'

campeno
by Admin on May. 3, 2010 at 12:04 AM

 My guess is he really wanted to evaluate what space we had...i.e. office space, # bathrooms, # bedrooms, crawl space vs. basement, finished basement vs. not, granite vs. laminate and all the other "perks," etc.  That all makes a difference in the end.

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