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Top 7 Tips For Getting the Most Value Out of Your Home Appraisal

By Eric Bramlett

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Home sellers and owners refinancing their mortgages often have to endure a unique ordeal: the home appraisal. If youíre selling, you want the highest appraisal value possible to make sure the sale goes through. If youíre refinancing youíre probably cashing out equity. Either way, each dollar of appraised value is potentially a dollar in your pocket.

Itís never a good idea to try and fool the appraiser Ė most of them have seen every trick in the book Ė but there are simple things you can do to squeeze some extra value or equity out of your home.

  1. Make the place presentable.
    You donít have to be able to eat off the floors Ė the house doesnít even have to be as spotless as it would be for an open house. But impressions matter. Strewn laundry, dirty dishes, full wastebaskets, all can contribute to the wrong kind of impression.

  2. Fix or replace broken windows, railings, steps, and other hazards.

    Your chances of being able to avoid this, even if the buyer doesnít care, are slim to none now that the mortgage lender wants an appraisal. (And zero if your buyer is going through the FHA.) So take care of it beforehand. And any appliances that are staying with the house, if youíre selling? Those have to work, too.

  3. Have your real estate agent present during the inspection.

    You canít usually fool an appraiser Ė and your agent canít either. But your agent is trained better to think on his feet at times like these, and is more likely to address nagging concerns of the appraiserís than you are. Sellers, your agent works for you Ė put him to work during the appraisal.

  4. Love what youíve done with the place?

    Hardwood floors four years ago? Bathroom remodeled two and a half years ago? Lawn re-sodded last summer? Bring these to the appraiserís attention. Donít expect your appraised value to go up by the amount you invested, but donít be shy about pointing out what youíve done.

  5. Control your pets and kids.

    The less stressful the appraiserís inspection, the better off youíll both be. An appraiser worried about being attacked or who is constantly distracted isnít as likely to come through with the highest value.

  6. Control the urge to do the appraiserís job for him.

    You will often hear that you should suggest homes sold in the area recently the appraiser can compare yours to. In truth, the appraiser considers that his job, and is more likely to resent it than be grateful. And he may have a point. You Ė and your agent Ė are interested in getting the highest value possible. The appraiser knows that, and may actually discount a comparable sale you come up with.

    That being said, information and suggestions offered will often be graciously received. Just donít overdo it. Understand where the appraiser is coming from Ė he understands where youíre coming from.

  7. Cooperate.

    A lot of people donít like a stranger wandering around their home sizing it up. But itís for your own good. And a friendly, cooperative owner makes a much more favorable impression than a contentious one.

Eric Bramlett currently manages his Austin Real Estate Guide, his Tulsa Real Estate [http://www.onesourcetulsa.com] companys website, & his Cat Mountain Austin [http://www.ericbramlett.com/catmountain.php] Guide.

Source: https://Top7Business.com/?expert=Eric_Bramlett

Article Submitted On: March 16, 2007