Profile picture for Tintin1932

What do I need to know before an Appraiser comes to my house in WA?

  • June 18 2010 - Bainbridge Island
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Answers (9)

Profile picture for openup
Appraisals are like opinions everyone has one, and none of them are the same. I have seen appraisals vary as much as 60K dollars. In a HELOC transaction the value market is what the home is worth, since your are trying to access the cash.

Its always a crap shoot with appraisals, you can work with the appraiser and point them like properties in your area, that have higher values than yours.

Many times companies pick the cheapest person in an area do do the appraisal to save money on the transaction, this company may not even be familiar with your neighborhood.

Unfortunately when a appraisal come back low the only thing you can do is request re-do, which is difficult to get the lender to do. Or apply with a different company, which is expensive and may yield the same result.

But you could get lucky. Best Wishes....
  • June 25 2010
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Unfortunately, the number one thing we all should advise people with the HVCC appraisal system is to "lower their expectations".  Many people who have financed or purchased several years back are not being prepared for what may seem "shocking" and disappointing values. Values 5-105 below a "Zestimate" would not surprise me in today's world.  In time, it will all smooth out, but the first time to get such news, is not pleasant.  The abnk should have forwarned you as well. It is not their "job" to guess at valuation, but it is their responsibility to set their clients' expectations.  Sorry to hear your disappointment. With HVCC in place.... many appraiser are not local to that particular area and simply read "stats" and price per square foot, etc.  The "location, location, location" RE motto is being redefined.  Good luck to you.

  • June 20 2010
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Profile picture for Tintin1932
The purpose of the appraisal is for a home equity loan.  the bank gave a very low appraisal.  Although we are realistic, we felt it should have a bit higher considering the location.  If you don't know the area, it is lost on you and it seems like someone walking through is not going to matter either.
Thanks for the info.
  • June 20 2010
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Profile picture for OelrichTeam

Be sure to clean up inside and out, and if  you have made any significant upgrades to your home, be sure to provide those details to the appraiser, including the nature of upgrade, timing, and associated costs.  If this isn't your primary residence, then you need to be aware that your tenants need to be given advance notice of the appraiser's inspection.  If you are specifically concerned about the appraiser who is doing the inspection, you can confirm that they are duly licensed, and that there are no outstanding complaints against them at the WA State Dept. Of Licensing's website (dol.wa.gov), by selecting "Business" and selecting "Check Status."

  • June 19 2010
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Good point Rick, Is it for a loan or for disputing property taxes.  Although, cosmetic changes will not mean a lot for the appraiser, it will certainly make a difference if you are selling.  Check with it BBB on the company he works for to see if there has been any prior complaints.
  • June 19 2010
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Profile picture for dennygiza
The purpose of the appraisal makes all the difference in the world. If you change your homeowners insurance company it will be completely different from a mortgage type appraisal. Clean up in and outside.  
  • June 19 2010
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That he or she will probably only spend about 20 min. at the house. They will likely have already looked up comparable properties that have recently sold in your area, and if it is a purchase they will have reviewed the sales contract. If you have made upgrades to the property it won't hurt if you point out what you have done and the cost. Don't bother with cosmetic items as they don't increase value, and don't get your feelings hurt if they don't uh and ah as they are generally all business....
  • June 18 2010
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What kind of scotch he/she drinks.........ok, just kidding. Clean up, outside and inside.
  • June 18 2010
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A lot depends on the purpose of the appraisal. Are you selling your home? Is the Appraiser working for the Buyers? Are you refinancing your home? What is the purpose of the appraisal?

Rich Jacobson
  • June 18 2010
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