How to Prepare for an Appraisal from Summit

For homeowners, a real estate appraisal is the linchpin to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.

Before an Appraiser arrives, there are a few things you should know. First be aware that almost 98% of the time the apprisal is being performed "as-is".That means that Summit will appraise your home exactly as it is at the time the appraiser walks through. Any items not completed or in need of repair at this time will be taken into consideration in the overall value opinion. Any work that is contracted to be performed after the inspection date will not be including in the report. Be aware that most lenders will not lend on homes with a significantly wet basement or a badly leaking roof. If your home is in need of repairs make sure your lender is well informed so they can make sure the loan product they provide fits your home and your needs. Honesty pays and paves the way.

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

• A plot plan or survey of the house and land (if readily available)
• Information on the latest purchase of the property in the last three years
• Written property agreements, such as a maintenance agreement for a shared driveway
• Title policy that describes encroachments or easements
• Most recent real estate tax bill and or legal description of the property
• Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells
• 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)
• A copy of the current listing agreement and broker's data sheet and Purchase Agreement if a sale is "pending".
• Information on "Homeowners Associations" or condominium covenants and fees.
• 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. At Summit we never forget that's it's your house. Do whatever you are cofortable with.

Here are some other suggestions:

• Accessibility: Make sure that all areas of the home are accessible, especially to the attic and crawl space
• 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
• Maintenance: Repair minor things like peeling paint, leaky faucets, missing door handles and loose or missing trim
• FHA/VA Inspection Items: If your borrower is applying for an FHA/VA loan, be sure to ask your appraiser if there are specific things that should be done before they come. Some items they may recommend might be: Install smoke detectors on all levels (especially near bedrooms); install handrails on all stairways; remove peeling paint and repaint the effected area; provide inspection access to the attic and crawl spaces.