Equity Loan Information
House Appraisal for loan..Anything I can do now to help make the appraisal higher?
I just bought a house a few months ago. Now I looked into getting a home equity loan (which I was just told that I was approved for. (Yeah for me!) The only thing is that the bank wants to get an appraisal for the house, since I bought it for cash. My husband and I have done quite a bit to it since we moved in: totally re-did the kitchen flooring and painting. Took out all the old carpet and reveled hard wood floors. Trimmed around the house to get rid of all the bushes that were overgrown. Would all these things add value to the house? Are there any other easy things that could be done to help with the value?
Public Comments
- It might. If a walk through is done. Bank usually do comps appr. which is never really going to the prop. You might get a low estimate. you may need to request a drive by or a walk through. There may be additional cost to you for doing this.
- besides slipping the appraiser with a 100dollar bill? J/K. appraisers generally look at the sq footage of your home, and updated areas or renovations, and the comparables in the neighborhood. make sure to have everything tidy just like if you were selling the house. having the house smelling good, cutting the grass, tidying up the house MAY help the appraiser see that you're taking care of the home. also, you might just have a drive-by done.
- Well "if you want what we have", it would be in your best interest, to simply greet the appraiser, hand them a list of the things you have done and go and plant yourself on the sofa. Do not follow them around, as you may distract them and they could miss something of value. You have no influence over the appraiser one way or the other. The appraiser is there as a third party, to be objective, impartial and independent.
- Luna, you don't have clue about how appraisals are done. There is no such thing as comp appraisal. It sounds like you have done a good job. The kitchen is very important as the bathroom and yes all of the things you did help. There are no easy things that you can do to get the appraised value up. Just make sure the house is clean and you will be fine. Now day most appraisals are a full URAR appraisal, the appraiser will photo the front and back and all main rooms. He will also measure the outside of the home, so make sure he can walk around the house without any problem. Good luck.
