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home appraisal

Discussion in 'The Lounge' started by BowtieBlazer, Jul 11, 2006.

  1. BowtieBlazer

    BowtieBlazer 1/2 ton status

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    Does anyone here appraise homes for a living? I am looking for some first hand info of things considered...maybe a check list? My house is about to get reappraised in hopes of a second mortgage for some shop space I'd like to have everything cover for the walk through and button up any loose ends if need be...

    What can I do to prep the place for maybe a higher appraisal? Since the hurricane having a house anywhere around here thats still standing the value has definately gone up.
     
  2. cbbr

    cbbr 1 ton status GMOTM Winner

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    The last "appraisal" I had done for a 2nd was about 5 years ago and they really just did a drive-by, as opposed to an actual appraisal. The bank did not seem to care very much. I think that they were basing the loan more on credit score than the actual value of the house. That said, it might be a waste of time/money for you to do very much.
     
  3. gjk5

    gjk5 3/4 ton status

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    I would agree. Short of actual improvements the condition of the home, as long as it is average or better, will have little bearing on the total value.
     
  4. Emmettology 101

    Emmettology 101 3/4 ton status

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    When I had mine done 4 years ago, they justdid a quick walk-a-round with the survey info in hand... This was for a home equity loan..
     
  5. justmeburb

    justmeburb Registered Member

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    Apprasials for seconds and refis are more of a drive by then anything very rare for them to go through it like they do when you are purchasing. That being said they are looking at "Curb" appeal make sure your yard is looking good, ie no dead grass or plants and so forth, also they look at the condition of the roof by sight not usually climbing up there to see if it has some good years left on it, they are making sure there are no holes stucco or wood rotting away. If you have a pool they will come in the yard to make sure that it is in good working order not all green and growing stuff. Very rare they do more then that. BUT being that you are in LA you might want to ask around to anyone you know in the area and see if anyone has done a recent refi and if so what they were looking at when they came out.
     
  6. BowtieBlazer

    BowtieBlazer 1/2 ton status

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    I wasn't expecting much but did figure on the curb appeal aspect. Grass is fine could use some weeding of the flower bed...nothing much though....

    I wondered if school districts and all played a role.
     
  7. HarryH3

    HarryH3 1 ton status Author

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    They mainly look up the price per square foot that other homes have sold for in the same neighborhood over the last 6 months, then take an average of those numbers. This accounts for school district and other location issues.
     
  8. cbbr

    cbbr 1 ton status GMOTM Winner

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    Yep. They mostly use a BPO (broker price opinion) to get this. They just pay a Realtor to determine what comparable properties sell for based on area and size.
     

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