Getting ready for an appraisal from Farmer Appraisals

Legally, an appraiser must be licensed by the state to perform appraisals prepared for federally related transactions - i.e. transactions related to Freddie Mac, Office of Thrift Supervision and the like. Contact us if you have any questions about the appraisal process.

To aid the appraisal process, it's helpful to have these documents ready for the appraiser:

  • A survey or plot map of the property and building (if readily available).

  • Any information on the purchase of the property for the last three years.

  • Information on any written private agreements, such as a shared driveway with a neighbor.

  • A list of any personal property that is part of the home and you intend to be sold with the home, such as an oven, or a washer and dryer.

  • Title policy that lists 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, your septic system and your well.

  • Brag sheet that lists major home improvements and upgrades, the date of their installation and their cost (for example, the addition of energy efficiency upgrades or roof repairs) and permit confirmation (if available).

  • A copy of the current listing agreement with broker's data sheet and purchase agreement if a sale is "pending".

  • Information on "Homeowners Associations" or condominium covenants and fees.

  • A list of "proposed" improvements if the property is to be appraised "as complete".

Once your appraiser arrives, you do not need to escort him or her along on the entire site inspection, but generally you'll want to be available to answer inquiries about your property and identify any home improvements.

Here are some other recommendations:

  • Accessibility: Appraisers are very thorough in their inspections. Make sure that all areas of the home are accessible, especially the attic and crawl space.

  • Housekeeping: Appraisers see hundreds of homes a year and are no strangers to clutter, but they're human beings too! A good impact can translate into a higher value for your home.

  • Maintenance: We often recommend repairing minor things like leaky faucets, missing door handles and trim.

  • FHA and VA Inspection Items: In the case of your borrower trying to apply for either an FHA or VA loan, we strongly recommend to ask your appraiser if there are additional things that should be done before they arrive. Some things they may recommend might be: having handrails on all stairways, ensuring there are electrical receptacles in every room (note: GFI outlets are no longer required) and that each receptacle works, repairing any faucets that leak or drip, replacing broken glass.