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Appraisal for refi- what to expect?
Just wondering- I know we don't have to worry about "staging", etc. but is there anything else we should do?
Thanks.
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Posted 7/17/12 2:59 PM  |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: Appraisal for refi- what to expect?
Appraisals really don't go by how the house looks. More by square footage, # of bedrooms and bathrooms, lot size etc.
Our house was a disaster when we bought it and it appraised 20k higher than when we refinanced a year later and did a ton of work to the house.
I would just make sure its clean and presentable.
Message edited 7/17/2012 3:50:49 PM.
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| Posted 7/17/12 3:50 PM |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
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Re: Appraisal for refi- what to expect?
Dh and I clean every day, and before we had our appraisal for the refi done, we spent hours upon hours inspecting every last corner, straightening out every last closet, etc.
She was in our house for five minutes absolute, absolute tops. I would just make it look clean and presentable.
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| Posted 7/17/12 3:54 PM |
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Appraisal for refi- what to expect?
Thanks for the info!
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| Posted 7/17/12 4:55 PM |
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Re: Appraisal for refi- what to expect?
No you don't, they asked us what upgrades we did from the time we purchased it to the time we were doing the re-fi. Depending on the appraiser, they may take pictures of the inside, they may measure all the rooms.
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| Posted 7/17/12 9:12 PM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
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Re: Appraisal for refi- what to expect?
They really don't care about mess and there is no reason to stage anything. They are looking at square footage, what kind of actual shape the bathrooms and kitchen are in and any new work you may have done. What they are looking at you can not "fake"!
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| Posted 7/18/12 9:39 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: Appraisal for refi- what to expect?
the guy just asked me what was updated and went in and took pictures... then compares it to past sales in the area... stinks because we put a lot of work into it and our appraisal came in 5k less than what we bought it for 2 years prior. I guess it is what it is...
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| Posted 7/18/12 11:05 AM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
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Re: Appraisal for refi- what to expect?
We are refinancing now and the appraiser came two weeks ago.
I gutted my house shortly after buying it, finished the basement and replaced all of the systems (heat, a/c).
She took pics of every room on the ground floor (den and LR because they both have fireplaces, DR, kitchen, bath). She also took pics of the basement. Upstairs she took pics of our bathrooms and just noted all of the other updates. She also measured the property.
Unfortunately, she was here the day before our solar panel installation or that would have added even more value to the appraisal.
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| Posted 7/18/12 11:46 AM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: Appraisal for refi- what to expect?
Message edited 7/18/2012 11:08:08 PM.
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| Posted 7/18/12 11:07 PM |
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Kate
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Member since 5/05 7557 total posts
Name:
Kate
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Re: Appraisal for refi- what to expect?
The first time we tried to refi, the appraisal came in over 100k less than we paid for the house. The appraiser really only looked at comps from other houses that were smaller than ours. 
DH took that appraisal to the town and we had our taxes reduced. A year later, we were able to refi when we got a better appraisal.
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| Posted 7/19/12 8:26 PM |
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