If you have questions regarding which type of report would best suit your requirements of applications, call or e-mail us and we will be happy to assist you.
» COMMERCIAL PROPERTY LENDING
Conventional commercial appraisals for commercial banks and other lending institutions
» CONSTRUCTION LENDING
Commercial appraisals for banks and mortgage companies on proposed and new construction.
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For banks, attorneys, accountants, government, individuals, and developers.
BEFORE AN APPRAISER ARRIVES, THERE ARE A FEW THINGS YOU SHOULD KNOW.
By law, an appraiser must be state-licensed to perform appraisals prepared for federally related transactions. If your lender is requesting a real estate appraisal for you, you are entitled to receive a copy of the completed appraisal report.
It's beneficial to have these documents ready for the appraiser to facilitate the appraisal process:
- A plot plan or survey of the improvements and land (if readily available).
- Information on the last purchase of the property if it's within the last three years.
- Written property agreements, such as a maintenance agreement for a shared driveway.
- List of personal property, including furniture, fixtures, and equipment (FF&E) to be included in the valuation.
- Title policy that describes encroachments or easements or deed restrictions.
- Property inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells, environmental studies, underground storage tanks, and or wetlands.
- Brag sheet that lists major improvements and upgrades, the date of their installation and their cost (for example, the addition of central air conditioning or roof repairs), and permits confirmation (if available).
- A copy of the current listing agreement and 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 has arrived, you do not need to accompany him or her along on the entire site inspection, but you should be available to answer questions about your property and be willing to point out any notable improvements or problems.
Here are some other suggestions:
- Accessibility: Make sure that all areas of the property are accessible.
- Housekeeping: Appraisers see hundreds of properties a year and will look past most clutter, but they're human beings too! A good impression may translate into a higher value.
- Maintenance: Repair minor things like leaky faucets, missing door handles, and trim.
- FHA/VA Inspection Items: If the borrower is applying for an FHA/VA loan, be sure to ask the appraiser if there are specific things that should be done before inspection.