Gearing up for an appraisal from 1st Equity Appraisal Service

To appraise a property, an appraiser is legally required to be licensed by the state when the transaction involves any federal financial regulatory agency such as OTS, FDIC, etc... Contact us if you have any questions about the appraisal process.

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

  • A survey or plot map of the property and building (if readily available).

  • Information 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.

  • Title policy that lists encroachments or easements.

  • Most recent real estate tax bill and or legal description of the property.

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

  • A list of any major home improvements and enhancements, the amount of their purchase and date of their installation (for example, the addition of insulation or roof repairs) and permit confirmation (if available).

  • Find copies of the current listing agreement, broker's data sheet and, if the sale is "pending", the purchase agreement.

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

  • A list of "proposed" improvements when the property is being appraised "as complete".

When the appraiser arrives, you do not need to escort him or her along on the entire site inspection, but generally you'll want to be available to answer inquiries about your property and be willing to point out any home improvements.

Here are some other helpful recommendations:

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

  • Housekeeping: Appraisers see many of homes a year and are no strangers to clutter, but they're human beings too! A good impression can translate into a higher value for your home.

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

  • FHA and VA Inspection Items: In the case of your borrower applying for either an FHA or VA loan, we strongly recommend to ask your appraiser if there are additional things that should be done before they arrive. Some items they may recommend might be: having a banister on all stairways, ensuring there are electrical receptacles in every room and that each receptacle functions, repairing any faucets that leak or drip, fixing broken windows or other glass like doors.