This page covers reminders pertinent to a single family residential refinance transaction.
Note: While every effort has been made to cover the elements considered most essential to a visit, the appraiser makes no warranties that the following list is exhaustive. Each lender may have their own specific guidelines and requirements and the borrower is encouraged to check with their loan officer/agent for any lender-specific stipulations. The appraiser is also not a home inspector or a building code enforcement agent, so the site visit should not be construed as an in-depth assessment of structural items, pest or mold presence, or complete compliance with state, county, or city ordinances.
Remember: If the essential elements below are not in place, the appraiser will most likely need to make a second visit to your property and that will result in an additional charge being assessed.
Remember: If the essential elements below are not in place, the appraiser will most likely need to make a second visit to your property and that will result in an additional charge being assessed.
Reminders
Complete the Phone Interview
Our support services team should have conducted a thorough pre-site visit interview over the phone. The reason this is important:
- The phone interview collects/confirms vital information about the subject property.
- The phone interview confirms the date and time of the property visit.
- The phone interview may uncover items that are best dealt with prior to the site visit..
Share Details of all Updating Done to the Subject Property
To ensure that the home is appraised at the value it deserves, any details you can share with us regarding any updating done to the home will be very useful. While information is collected during the pre-site visit interview, it is recommended you email a comprehensive list of all updates (with the approximate dates for the improvements made).
Items to keep in mind include:
Items to keep in mind include:
- Kitchen remodels.
- Bath remodels.
- Roof replacement.
- Flooring replacement.
- Extensive landscaping updates.
- Hardscaping updates: e.g. patios, porches, decks, retaining walls, walkways, etc.
- Exterior or interior paint jobs.
- Etcetera.
Note: If your home is in the middle of a remodel project, please make sure the lender is aware of this. The lender may require all work be completed prior to funding your loan. If there are health and safety issues associated with the remodel project, this will be documented in the report.
Ensure Smoke & Co Detectors Are Installed
Functioning smoke and carbon monoxide (CO) detectors are required by California state law. The lender will require the report to have photographs of the detectors installed in the home. If the home does not have functioning smoke or CO detectors you should purchase the required number prior to the site visit. If these items are not present an additional site visit will be required to ensure their installation. This may result in hundreds of dollars in additional fees and a delay in funding the loan.
Smoke Detectors Reference Link: smokealarms
CO Detectors Reference Link: carbonmonoxide
Items to keep in mind:
Smoke Detectors Reference Link: smokealarms
CO Detectors Reference Link: carbonmonoxide
Items to keep in mind:
- A smoke detector needs to be present in each bedroom, in the hallways leading to the bedrooms, and on each level of your home, including the basement.
- CO detectors need to be installed outside each sleeping area and on every level of your home including the basement.
- It is very important the words "carbon monoxide alarm" or " carbon monoxide detector" be written on your CO devices.
Ensure the Hot Water Heater is Double-Strapped
Seismic safety straps are required for hot water heaters by California state law. The lender will require the report to have a photograph of the double-strapped hot water heater(s).
Seismic Safety Straps Reference Link: http://www.seismic.ca.gov/faq.html
Note: Tankless hot water heaters are not required to be double-strapped.
Seismic Safety Straps Reference Link: http://www.seismic.ca.gov/faq.html
Note: Tankless hot water heaters are not required to be double-strapped.
Pets
It is company policy that dogs be secured and kept away from the appraiser. The appraiser is a dog lover, but dogs can impede the progress of the property visit as they are often inquisitive about strangers and may attempt to attract attention.
Keep in mind, even the friendliest of dogs have been known to bite appraisers. If this happens it can expose the homeowner to liability. Therefore, while the appraiser would love to pet and play with your dog in a personal capacity, for liability reasons, it is strongly encouraged pets be kept away. This will ensure a stress-free visit for all parties!
Keep in mind, even the friendliest of dogs have been known to bite appraisers. If this happens it can expose the homeowner to liability. Therefore, while the appraiser would love to pet and play with your dog in a personal capacity, for liability reasons, it is strongly encouraged pets be kept away. This will ensure a stress-free visit for all parties!
Ensure the Site is Ready For the Appraiser
The appraiser will need to measure the complete perimeter of the house; if at all possible, please make sure items will not block or impede the appraiser's access to all parts of the home.
If you have pets in the backyard, please make arrangements to have them inside for the first part of the inspection.
Note: If you do have pets it would be beneficial to check the yard for, shall we say, "landmines." The appraiser will endeavor to watch where he steps, but it would be awfully helpful if all antipersonnel landmines be removed ahead of time to avoid potentially tracking materials where they are not wanted.
If you have pets in the backyard, please make arrangements to have them inside for the first part of the inspection.
Note: If you do have pets it would be beneficial to check the yard for, shall we say, "landmines." The appraiser will endeavor to watch where he steps, but it would be awfully helpful if all antipersonnel landmines be removed ahead of time to avoid potentially tracking materials where they are not wanted.
"May I Suggest Comparables to the Appraiser?"
The short answer is: "yes." Appraisers, while required to remain unbiased and objective, are permitted to review any data given them. If you know of homes similar to your own that sold recently you may bring this to the attention of the appraiser. Properties need to have sold through the accredited MLS system for your area and be of similar physical characteristics, similar location, and similar updating. Translation: if your home looks like the property on the left, the property on the right may not be the best comparable.
A Note on Zillow & Other Real Estate Websites
Zillow and other real estate websites can be very useful for seeing the movement of properties in your neighborhood and for seeing interior photos of homes in your community. However, a word of caution: Zillow's Zestimate is not an appraisal. Please click on the following links for information from Zillow's own website regarding the reliability of the figures it produces and a very illuminating article from the Washington Post about problems utilizing Zillow to estimate the value of a home.
Zillow website reference link: zestimate
Washington Post reference link: featuredarticle
Zillow and other real estate websites can be very useful for seeing the movement of properties in your neighborhood and for seeing interior photos of homes in your community. However, a word of caution: Zillow's Zestimate is not an appraisal. Please click on the following links for information from Zillow's own website regarding the reliability of the figures it produces and a very illuminating article from the Washington Post about problems utilizing Zillow to estimate the value of a home.
Zillow website reference link: zestimate
Washington Post reference link: featuredarticle
Final Reminders
- The lender requires that the appraiser see and photograph all rooms in the house. The lender also requires that the appraiser see the interior of all significant outbuildings. (Small storage sheds may remain closed.)
- The appraiser does have slippers for interior use in the home. If your family has a "no-shoes-inside" policy, please let the appraiser know.
- If at all possible, it is preferable that no car(s) be parked in front of the house at the time of the inspection as this will allow the appraiser to take an unobstructed photograph of the front of the property.
- Per our contract with the lender, the appraiser is not allowed to discuss the value of the property with you. Once the report is complete, please contact the lender if you wish to obtain a copy of the report.
- Feel free to click on this link to see who will be coming to your home.
- If you loan is FHA, please click this link to go the "FHA Reminders" page.
