What Is Looked At During A Home Appraisal

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Blog 3 Tips for Preparing for the Appraiser When You’re Refinancing Your Mortgage. August 1, 2012 by Dana Green Team. If you decide to take advantage of current low interest rates to refinance your mortgage, there will come a moment when you will usher an appraiser into your home.

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Many home buyers who are looking to upsize their home take into consideration how much storage space a home has, so this is also something that an appraiser will look at to determine value. 11. Garage Space. The size of the garage, or if the home has a garage at all, will also contribute to the home appraisal value.

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Still, you can request a local appraiser. Ideally, this professional should live within a 10 to 15-mile radius of your home. If the appraiser isn’t too familiar with the area, there’s a chance the appraisal will come in for less than your property’s actual worth. A low appraisal can be the kiss of death when refinancing a mortgage.

The defining characteristic of a drive-by appraisal is that the appraiser doesn’t go inside the house.The appraiser merely goes out to look at the property – "drives by it," in other words – to take pictures and verify that there’s actually a house there that bears some resemblance to what you say you want to buy.

The Home Appraisal: Your Key to a Successful Refinance. The value the appraiser gives your home largely depends on the recent sales prices of comparable properties, but you’re mistaken if you think you can’t do anything to help your home come in at the high end of its potential appraisal value.

A property appraisal is different from a property inspection. The home inspector is looking for issues in the home that the buyer should be aware of before purchase (for instance, mold or a leaking roof). The appraiser is determining the dollar value of the home by looking at what similar homes in the area go for, as well as the condition of the actual property.

What do appraisers look for when doing an FHA appraisal? These days it’s important to be in tune with FHA appraisal standards so your home can be FHA-ready or so you can know what to expect if accepting an FHA offer. Let’s talk through some of the most common fha issues below. You can also.

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