For homeowners and borrowers
Preparing for your home appraisal
If your lender has ordered an appraisal and we're scheduled to visit your home, here is what to expect and how to get ready.
How the appraisal works
Scheduling
Once your lender orders the appraisal, we'll contact you to set up a time to see the home.
The inspection
We walk the inside and outside of the home, take measurements and photos, and note its condition, features and updates. Most visits take under an hour.
Research and analysis
We study recent sales of similar homes nearby and current market conditions, then adjust for the differences between those homes and yours.
The report
The finished report goes to your lender. Your lender then provides you with a copy.
How to prepare
You don't need to stage the house. What matters most is that we can see and reach every part of the home.
- Clear access to every room, plus the attic, basement, crawl space, garage and utility areas.
- Keep utilities on so systems like heating, cooling and water can be observed.
- List your updates, like a new roof, HVAC, windows, kitchen or bath remodel, with approximate dates.
- Have documents handy if you have them: a survey, HOA details, or permits for additions and finished basements.
- Secure pets so the inspection can move quickly and safely.
- Point out what isn't obvious, such as features behind walls or recent repairs.
What affects your home's value
An appraisal compares your home with similar homes that recently sold nearby. These are the factors that drive the differences.
Location
Neighborhood, school district, nearby amenities and the street itself.
Size and layout
Finished living area, bedrooms, bathrooms and how the space flows.
Condition and updates
Overall upkeep, plus the age of major systems and recent renovations.
Site and features
Lot size, garage, outbuildings, decks, views and other extras.
Quality of construction
Materials, workmanship and design compared with similar homes.
The local market
Recent sales, how quickly homes are selling and whether prices are rising or falling.
Furniture, decor and personal belongings don't affect value.
Common questions
Who does the appraiser work for?
The appraisal is ordered by your lender, usually through an appraisal management company. The appraiser's job is to give an independent, unbiased opinion of value. It is not to help the sale or loan go through, or to stop it.
Can you tell me the value during the visit?
No. The value isn't decided until the research and analysis are finished, and the report goes to your lender first.
Will I get a copy of the appraisal?
Yes. For most home loans, federal rules require your lender to give you a copy of the appraisal promptly, and no later than three business days before closing.
Do I need to be home?
Someone needs to let us in, but you don't have to stay for the whole visit. If you're there, it's a good time to mention updates and improvements.
Can I order an appraisal directly?
Rapid Appraisals works with lenders and appraisal management companies. If you're buying or refinancing, your lender will arrange the appraisal.
Questions about your appointment?
Call Jamie at 859-940-5725.