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Top 7 Tips for Getting the Most Value From Your Home’s Appraisal

Home sellers and homeowners who refinance their mortgages often have to endure a single test: the home’s appraisal. If you are selling, you want the highest possible appraised value to ensure that the sale goes through. If you are refinancing, you are probably withdrawing principal. Either way, every dollar of appraised value is potentially a dollar in your pocket.

It’s never a good idea to try to fool the appraiser, most of them have seen every trick in the book, but there are simple things you can do to gain additional value or equity in your home.

1. Make the place presentable.

You don’t have to be able to eat on the floor; the house doesn’t even have to be as immaculate as it would be for an open house. But impressions matter. Thrown clothes, dirty dishes, full trash cans can all contribute to giving the wrong impression.

2. Repair or replace broken windows, railings, steps, and other hazards.

Your chances of being able to avoid this, even if the buyer doesn’t care, are slim to none now that the mortgage lender wants an appraisal. (And zero if your buyer is going through FHA.) So take care of it beforehand. And what about any electrical appliance that stays with the house, if you are selling it? Those also have to work.

3. Have your real estate agent present during the inspection.

You usually can’t fool an appraiser, and neither can your agent. But your agent is better able to think on his feet at times like these, and more likely to address the appraiser’s lingering concerns than you are. Sellers, your agent works for you, put him to work during the appraisal.

4. Love what you’ve done with the place?

Wooden floors four years ago? Bathroom remodeled two and a half years ago? Was the lawn reseeded last summer? Bring them to the appraiser’s attention. Don’t expect his appraised value to increase by the amount you invested, but don’t be embarrassed to point out what you’ve done.

5. Control your pets and children.

The less stressful the appraiser inspection is, the better it is for both of you. An appraiser worried about being attacked or constantly distracted is not as likely to get the highest value.

6. Control the urge to do the appraiser’s work for him.

You’ll often hear that you should suggest recently sold homes in the area that the appraiser can compare yours to. In truth, the appraiser considers it his job, and is more likely to resent it than appreciate it. And he may have a point. You and your agent are interested in getting the highest possible value. The appraiser knows this, and in fact, he can discount a comparable sale you can think of.

That being said, the information and suggestions offered will often be kindly received. Just don’t overdo it. Understand where the appraiser is coming from – he understands where you are coming from.

7. Cooperate.

A lot of people don’t like having a stranger wandering around their house sizing it up. But it’s for your own good. And a friendly and cooperative owner makes a much more favorable impression than a contentious one.

When it comes time to request your appraisal, it’s normal to feel a little worried or intimidated. However, if you’ve done your homework on your home’s value, rest assured. Follow these simple suggestions, and when the assessment is done, you’ll surely be happy!

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