4 Things You Need To Know Before You Get Your House Appraised
- 1. The appraiser will take exterior photos.
- The appraiser will take, at a minimum, 3 exterior photos. A front, rear, and street view photo. Personally, I take 7 exterior photos and include all 7 in the appraisal. I take a front and rear photo. A street view photo looking down the street, and 4 photos looking at each corner of the house.
- These photos not only help the appraiser document the condition and quality of construction of the house, but also helps the client see what the appraiser sees when the house is appraised.
- 2. The appraiser will take interior photos.
- At a minimum, I am required to take a photo of the kitchen,
main living area, and all bathrooms.
- In 2010 Fannie Mae started to require appraisers take interior photos of the kitchen, main living area, and all bathrooms (you can see their announcement here). Since Fannie Mae requires interior photos, that means most banks and lenders now require interior photos. As of right now, all of my clients require that I take interior photos.
- It is also important to note that Fannie Mae, along with all of my clients, require photos of ALL deferred maintenance and photos of any recent updates, such as restoration, remodeling, and renovation.
- Along with these required photos, appraisals for FHA loans require interior photos of ALL rooms (kitchen, dining room, bedrooms, bathrooms, etc.)
- 3. The appraiser will need access to all interior rooms and exterior buildings.
- Part of the appraiser's job is to sketch the house that is being appraised and determine the quality of construction. The appraiser must measure the house, taking measurement from the interior and exterior, and write down the layout and characteristics of the house. To do so, the appraiser must have access to all interior rooms and closets, access to the attic and crawl space, as well as access to any other buildings on the property such as workshops, pool houses, and / or detached garages.
- 4. The appraiser will need between 30 min and 1.5 hours of your time.
- I am typically at a house between 30 minutes (for homes 1,500 sq.ft. or less) to 1.5 hours (for large custom built homes (up to 4,000 sq.ft.). This is an approximate time for me in my market area to photograph and measure a house as well as make an interior and exterior visual inspection of the house.
- The time I spend at a house is the shortest, and in my opinion, the easiest part of a real estate appraisal. Essentially, when I am at a house I am collecting data about the house (quality of construction, sq.ft., amenities, and characteristics). The hardest part of the appraisal is conducting the market research for the appraisal. This could take several days or even weeks depending on the complexity of the appraisal.
The information above is general appraisal information and should pertain to any conventional or FHA appraisal. However, the information was written specifically for the Middle GA market based on my personal experience and could vary for another market area or appraisal company.