How to Influence an Appraiser to Give You Maximum Home Value

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New appraisal rules called Home Valuation Code of Conduct (HVCC) came into effect on May 31, 2009. They are meant for loans that will eventually be sold to Fannie Mae or Freddie Mac. It clearly states that your lender can not influence the appraisal on your home. What these new rules do not say is that you or your realtor can’t talk to the appraiser.

1. Always be at your home when the appraiser comes. Your real estate agent should also present. A real estate agent will be able to support the asking price/offer with a list of comparable home prices. Lenders now want to see not only what has sold, but also what is currently on the market on the appraisal report.

2. Talk to the appraiser to find out how much they know about the neighborhood. If your neighborhood has special features that you feel increase the value of your property, let them know. Have a list of the location of local schools, shopping, parks and public transit ready to give them. If they see that these are nearby, it helps prop up your home value.

3. Find out whether they are aware of the latest sales in the neighborhood. It doesn’t hurt to ask if they had seen the property previous to its sale. If you know what the homes looked like, give your opinion. You want to make sure they are going to list property values that are comparable to your home on their report.

4. Make a list of all the improvements you have made to the home and go over each item with the appraiser. Have a copy available to give the appraiser. If necessary, also have copies of the receipts in case they have doubts about certain items. They won’t see all the money you spent on improvements unless you point each one out to them.

5. If you have a maintenance schedule that you follow, give it to them to show that you have not let the house get run down. This simple thing could give the appraiser justification when coming up with a higher property value.

By being able to talk to the appraiser it is now up to you to influence final property value for your home. If you are prepared ahead of time with all the documentation listed above, it will help you get the maximum value for your home.

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Source by Russie Weidl

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