January 4, 2012

The Appraisal Process

by CDC Consulting Services Inc.

Once an appraisal is booked, what do you need to do to prepare for this? What can you do to make a positive influence on your home? This is a common question for homeowners. Before an Appraiser arrives, there are a few things you should know:

To facilitate the appraisal process, it’s beneficial to have these documents ready for the appraiser:

1. A plot plan or survey of the house and land (if readily available).

2. Information on the latest purchase of the property in the last three years.

3. Written property agreements, such as a maintenance agreement for a shared driveway.

4. List of personal property to be sold with the home.

5. Title policy that describes encroachments or easements.

6. Most recent real estate tax bill and or legal description of the property.

7. Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells.

8. Brag sheet that lists major home improvements and upgrades, the date of their installation and their cost (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available).

9. A copy of the current listing agreement and broker’s data sheet and Purchase Agreement if a sale is “pending”.

10. Information on “Homeowners Associations” or condominium covenants and fees.

11. A list of “Proposed” improvements if the property is to be appraised “As Complete”.

Once your appraiser has arrived, you do not need to accompany him or her along on the entire site inspection, but you should be available to answer questions about your property and be willing to point out any home improvements.

Here are some other suggestions:

1. Accessibility: Make sure that all areas of the home are accessible, especially to the attic and crawl space.

2. Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter, but they’re human beings too! A good impression can translate into a higher home value.

3. Maintenance: Repair minor things like leaky faucets, missing door handles and trim.

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About the Contributor

CDC Consulting Services Inc. was established in 1996 to provide superior real estate appraisal services to our clients. CDC Consulting Services Inc. is an independent firm with several Strategic Alliances, providing a full range of valuation services throughout Western Canada. We offer residential, commercial, assessment appeals, insurance appraisals, agricultural, personal property/machinery and equipment and business valuation services.