What exactly do home appraisers look for when doing an appraisal for a mortgage refinance?
February 6th, 2010 | by admin |We live in Ontario! We need an appraisal to re-finance our mortgage, and are unsure of what they look at on the property and what they base the value of the house on. Any tips would be appreciated!
They are not likely to actually look at your house. If you made a lot of improvements since it was last appraised you need to let them know.
They take home sales within 1/4 mile (sometimes more, because they need at least 6 sales) done within the last 4 months, average them per square foot and then multiply that number by your square footage. The same is done for the lot, it is valued per foot, not your personal landscaping.
3 Responses to “What exactly do home appraisers look for when doing an appraisal for a mortgage refinance?”
By TheMom on Feb 6, 2010 | Reply
They are not likely to actually look at your house. If you made a lot of improvements since it was last appraised you need to let them know.
They take home sales within 1/4 mile (sometimes more, because they need at least 6 sales) done within the last 4 months, average them per square foot and then multiply that number by your square footage. The same is done for the lot, it is valued per foot, not your personal landscaping.
References :
By Michael J on Feb 6, 2010 | Reply
It will depend. If your credit score is high then the lender may not require a full appraisal. If a full appraisal is needed, the appraiser will measure the outside of your home, tour the inside, take pictures of it and comparable homes that have sold close to your home. They will find a market price for your home based on the most current previous sales of similar/nearby homes.
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Too many years with my ex-wife who was/is an appraiser.
By frankie b on Feb 6, 2010 | Reply
Sounds easy, but the bottom line is they look for value. They need to know the home is worth what you want to borrow. Short of a kitchen remodel, or bath remodel, there is not much you can do. they are not looking for fresh paint or cleanliness.
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