My Gf just bought a house at the sheriffs sale. Now we have a week to get it ready for a mortgage appraisal.
What would you concentrate on?
What would you concentrate on?
That is what you do and make sure the central air/heat unit runs good and doesn't smell or blow dust. Also before the inspection , bake some bread and perk some coffee before the inspector arrives for the non Febreze air scenting and freshening.So far
Cut the grass and removed the hay. It was three feet tall
Watered the yard to get some green , it was yellow after removing all that grass
Washed mold off north side.
Rinsed rest of house.
Washed mold off front (concrete) and rear (plastic wood) porches and plastic railings.
Vacuumed several cats worth of hair out of carpets.
Dug out a few turds and a lot of stains from said carpet.
Painting and patching walls starts today
There's little you can do in a week that will add any real value to the property.What would you concentrate on?
You can't get a mortgage before you purchase,I misspoke. I meant approval, not pre-approval, which you're correct, doesn't mean much. However, it would have been easy to point out this error and attempt to mediate a misunderstanding, instead of crowing like immature children over semantical errors.
My point still stands - getting a mortgage before purchasing something, especially if you know your finances will be crippled afterwards, is simple good sense.
Geo is hitting the nail on the head here. An appraisal is typically based on the recent comparable sales in the surrounding area. The appraiser will find similar homes that have sold in the last 30-90 days and base the value of the subject property on the prices that those comparable sold for. They will make adjustments for condition and features, but those adjustments are limited to a small percentage of the total value.A certified appraiser goes through the whole house, and measures each room--as well as measuring the perimeter of the house outside. The appraiser looks at each room and by using a standard checklist, states what the walls, floors, and windows look like. for example, carpeting, hardwood, tile, linoleum, the kitchen is noted for items like counter and cabinet construction, type of sink, dishwasher,,,, on and on through each room---the bathroom shower or tub, Jacuzzi, so forth.
The outside is noted for brick, wood siding, vinyl, stucco, etc. sidewalk and driveway paved or not, roof composition materials, steel, asphalt shingle, slate, shake. Outside buildings are measured and noted.
When the entire checklist is filled out in accordance with the FEDERAL guidelines, the certified appraiser goes back to the office and compares the house with others that have sold in the same area in the last six months.
Then the plussing and minusing begin, based on square footage mostly, and the condition of the house--whether it is above average, average, below average, to arrive at a COMPARISON price with others at an AS EQUAL space and condition as possible.
It is what other houses are actually selling at, near your house that is the overriding factor--not poop stains, dirty windows, mold on the siding. A professional is appraising for the bank to determine a reasonable , loanable value in line with the rest of the loans the bank is making.
Of course, you'll clean it up to live there, or to resell. But what you do for now, other than soothing your own feel good feelings, will be of little help.
geo
If it appraised for $100,000 before and hasn't suffered any damage there will be no problem getting them to loan $35,000.We would like to get the appraisal up as high as possible to make it easy for our banker to justify $35,000 loan.
As others have said, if nothing is needed in the way of major structural repair - cracked foundation, leaky roof, etc. - then concentrate on cosmetics.My Gf just bought a house at the sheriffs sale. Now we have a week to get it ready for a mortgage appraisal.
What would you concentrate on?