Lender's Appraisals:
 
Your Buyers lending institution will contract an appraiser to to appraise the value of your home.  They want to be sure of the value of the home before extending the loan.  If something goes wrong, they need to regain their loan value.

How to get an accurate appraisal of a residential property.

  • Put the home in model home condition before the appraiser arrives.
  • Hand the appraiser a list of the home’s special features, especially those that add market value. Also, provide the appraiser with suitable comparable properties.
  • Always accompany the appraiser to facilitate the inspection and answer the appraiser’s questions. Don’t hesitate to point out special features.
  • Insist that the lender provide the borrower with an appraisal copy, although technically the appraisal belongs to the mortgage lender who hired the appraiser.
  • If the appraisal comes in low, promptly request a review appraisal by another appraiser (to be paid for by the lender).
Source: Inman News, Robert Bruss (05/19/2006)