7 Tips For Highest Property Appraisals
by CLT from Culver City, CA, USA
Ask Kate: 7 Tips For Highest Property Appraisals 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?
Kate Answers: 7 Tips For Highest Property Appraisals
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 check out the following Reverse Mortgage Guide by Kate found here on Get Your Best Mortgage Rate:
Reverse Mortgage Help for Senior Citizens
What Is a Reverse Mortgage? Specialty mortgages created to produce income without a monthly payment.
Will heirs become responsible for homes financed with a Reverse Home Mortgage?
Learn who can help homeowners evaluate Reverse Mortgage Income for Seniors before refinancing.
Meet the stable FHA Reverse Mortgage Refinance Program (HECM) and learn the payment options.
Introducing the FHA Reverse Mortgage Purchase Program (HECM) for Senior home buyers.
Seniors and family members Ask Kate for Reverse Mortgage Information.
Important: Senior homeowners should consult a financial planner, tax accountant, and/or attorney as applicable to evaluate their circumstances before financing with a reverse mortgage. Even if not a loan requirement, reverse mortgage counseling is highly recommended.