Quick Answer: What Does An Appraiser Look At For A Refinance?

What does an appraiser look at?

What home appraisers look for: What’s the general condition of the house.

An appraiser will evaluate and comment on: The materials and conditions of the foundation and exterior walls, the roof surface, screens, gutters and downspouts.

The materials and conditions of the floors, walls, and trim..

What adds the most value to a home appraisal?

Here are 15 Factors That Influence Your Home Appraisal Value:Square Footage. … Heat and Air. … Storage Space. … Garage Space. … Recent Home Renovations. … The Current Real Estate Market. … Nearby Features. … Comps. Comparable homes or comps are one of the most important factors affecting appraisal value.More items…•

Do appraisers look in cabinets?

Appraisers are looking in your closets not to evaluate storage space but because they can sometimes count the closet towards square footage. … If you do have time, you should again focus on the things that can impact the appraiser’s evaluation of the condition of your home.

What if my house doesn’t appraise for refinance?

A low home appraisal is a bummer when you’re trying to refinance a mortgage. If the appraisal is too low — meaning your home’s value is less than what you owe on the mortgage — you’ll have to put off refinancing until you’ve built some equity.

Is there a difference between a refinance appraisal and purchase appraisal?

In short, refinance and purchase appraisers have the same process for determining a home’s value. The only difference is that a purchase appraiser has access to the purchase contract and, therefore, the sales price.

Does an appraiser know the purchase price?

The sales contract is just one more piece of data to be used in the appraisal process. Therefore, the appraiser will most likely know the selling price of a home but this is not always the case.

How do I prepare for a home appraisal for refinance?

Refinance Appraisal Checklist: 7 Ways To PrepareThe appraisal is an important part of any refinance. … Improve Your Curb Appeal. … Do Some Decluttering. … Create A File Detailing Your Improvements. … Research Comparables. … Make Sure Everything Works. … Invest In Small Upgrades. … Do Some Last-Minute Preparations.More items…•

What does an appraiser do when refinancing?

A homeowner who plans to refinance a mortgage must first get an appraisal, which typically costs $300 to $500 for a single-family home. The appraiser, an independent professional, thoroughly evaluates a home—in person—and examines similar properties before arriving at a valuation for the home.

Does appraiser know refinance amount?

In a refinance appraisal, the bottom line is that the bank wants to lend you money no matter what. … This is important to know because some home sellers see the amount that their house appraised for on the refinance appraisal and expect that it represents the true value of their home.

Does a messy house affect an appraisal?

The short answer is “no, a messy home should not affect the outcome of an appraisal.” However, it’s good to be aware that there are circumstances in which the state of your home can negatively affect its value.

What hurts a home appraisal?

If an appraiser compares your property to one that turns out to be an outlier as far as market value — such as a home sale among relatives for a lower cost, divorce sale or foreclosure — it can impact the appraisal.

How do I prepare my home for an appraisal?

How to prepare for your property appraisalDo some sprucing up. We’re all human, and we know that everyone leaves a dirty pair of socks on the floor now and then. … Brush up on curb appeal. … Keep a list of repairs and renovations. … Double check the basics. … Don’t stress!