7 Tips For Highest Property Appraisals
by CLT
Kate, I am soon to apply for a reverse mortgage and of course want my home to get the highest appraisal possible. Is there anything that a home owner can do to influence the property appraisal of their home? Dear Culver City Homeowner, Every homeowner wants the highest appraised value, especially for a reverse mortgage application. The counterpart to reverse mortgage, the 30 year fixed rate mortgage, is also based on appraised value. But a reverse mortgage is unique in that it has no income or credit score requirements. So the appraised value is the focal point when obtaining a reverse mortgage. To achieve the best outcome in your appraisal, pay attention to these pointers. 1-Manicure Edge and mow the grass and trim the bushes. While planting petunias in the flower beds won't raise your value, it will help to achieve a good first impression when the appraiser drives up to appraise your home. 2-Tidy Appraisers are people like you and me. I heard plenty of stories from appraisers about messy kitchens, piles of dirty laundry and the infamous teenager's room. So straighten up the house a bit. Maybe a lot. And freshen the air with open windows when the weather permits. 3-Leash Photos in the appraisal with a charging Rover means your appraiser was hurried. Send the pooch and even the cats to the neighbors if you can the day of the appraisal. Clean up after Spot and Fluffy in the backyard too. 4-Repair Quit procrastinating with drippy faucets and missing doorknobs. Turn your home into a repair-free zone. 5-Brag Jot down home improvement projects with the license number of the contractor who performed the tasks along with the cost. 6-Tour Monitor home sales within a mile or so of your home. Watch homes similar to yours for the final sales price. Write the price and address down for the appraiser. 7-Talk Not too much. With the exception of my Scottish appraiser who loved lingering over a cup of hot tea, most appraisers want in and out. 8-Speed Don't be discouraged if your property appraisal is over in a flash. This was the number one complaint I received about appraisers. The fact is most of their work is done away from your home. My door is always open. Let me know how your appraisal goes. And watch in the coming days for a new section on Get Your Best Mortgage Rate about Reverse Mortgages. Best Wishes,   Your Online Mortgage Advice Friend P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed. The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get Your Best Mortgage Rate.
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