Getting ready for an appraisal from Burgundy Appraisals

Legally, an appraiser must be licensed by the state to perform appraisals prepared for federally related transactions - i.e. transactions related to OTS, FDIC, etc.... Just give us a call at (215) 450-5235 if you have any questions about the appraisal process.

To speed up the appraisal process, it's beneficial to have these documents ready for the appraiser:

  • A plot plan or survey of the house and land (if readily available).

  • Records on the latest purchase of the property in the last three years.

  • Information on any written private agreements, such as a shared driveway with a neighbor.

  • List of personal property to be sold with the home.

  • Any paperwork, such as a title policy with information on encroachments or easements encroachments or easements.

  • A bill for your most recent real estate taxes which should also contain a legal description of the property.

  • Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well.

  • Brag sheet that lists major home improvements and upgrades, the amount of their purchase and date of their installation (for example, the addition of energy efficiency upgrades or roof repairs) and permit confirmation (if available).

  • A copy of the current listing agreement with broker's data sheet and purchase agreement if a sale is "pending".

  • Information on "Homeowners Associations" or condominium covenants and fees.

  • A list of "suggested" improvements if the property is to be appraised "as complete".

Once your appraiser arrives, you do not need to accompany him or her along on the entire site inspection, but you should be present to answer questions about your property and be willing to point out any home improvements.

Here are some other helpful recommendations:

  • Accessibility: Appraisers are very thorough in their inspections. You should make sure that all areas of the home are accessible, especially the attic and crawl space.

  • Housekeeping: Appraisers see quite a few of homes a year and will look past most clutter, but they're human beings too! A good impression can translate into a higher value for your home.

  • Maintenance: We often suggest fixing minor things like leaky faucets, missing door handles and trim.

  • FHA and VA Inspection Items: If your borrower is trying to apply for either an FHA or VA loan, be sure to ask your appraiser if there are extra things that should be done before they arrive. Some things they may recommend might be: putting smoke detectors on all levels and especially near bedrooms, where paint is peeling it should be sanded and repainted, repairing any faucets that leak or drip, replacing broken glass.