Being a full-time Real Estate Investor I am constantly navigating loan paperwork and appraisals on a pretty consistent bases.

Over the years I have implemented systems and processes on how to stay organized keeping all of my property information organized and in one place and I’ve developed a system to get the highest and most accurate values out of my properties.

Most home owners who have purchased their home in 2020 or before are probably sitting on a lot of equity.

Some of those folks are leveraging some of their equity in order to invest in Real estate.

With my Cohort community I share tips on how to prepare your home for appraisal to get the highest amount possible. And we have seen win after win!

  • I walk them the process if they should use their equity to invest

  • I walk them through the process of what to fix and what to not fix in their home prior to having the appraisal

  • I’ve walked students through the process of appealing their appraisals when they don’t get the value that their home should be

If you refinance or take out a Home equity loan on your home there is a good chance that you may need to do an appraisal.

Here are 5 tips on how to navigate getting an appraisal on your home!

1. Request a full appraisal instead of a desktop appraisal. When you are applying for a home equity loan or refinancing your home your mortgage company may offer to run a desktop appraisal at no cost to you instead of you paying out of pocket for a full appraisal. In a lot of cases the desktop appraisal may not appraise your home at its full value. Recently I took out a Heloc (Home equity line of credit) on my personal home and the desktop appraisal showed $400,000 but when the appraisal came out and performed a full appraisal our home appraised for over $700,000! That is a $300,000 difference! If your value doesn’t come back at the original amount that you desired be sure to order a full appraisal.

2. Declutter your home, hire a professional cleaner and ensure that your home looks stage ready! This is one of the most important parts of the process. You want the appraiser to be able to see your home in the best shape possible, it’s hard to see that if you have things everywhere. I know how much a hassle this is but not doing this step can affect the appraiser perception of the condition your home and it can cost you thousands…. (If the appraiser reaches out and you’re not ready for the come you can always reschedule to a later date when your home is ready)

3. Remove personal pictures if you can– Study shows that African American homeowners receive lower appraisal values that our white counterparts. This is an unfortunate truth that minorities have to deal with everyday. Add neutral art to your walls when preparing for an appraisal.

4. Leave your appraiser a list of recently sold comparable properties that have sold within the last 90 days in your area. Believe it or not, this makes the appraisers job easier! You can help them streamline their report to recent sales that actually are comparable to your property. Also this helps them if they missed one or are having a hard time finding some.

5. Send a follow up email to the appraiser thanking them for appraising your property and include a list of enhancements and repairs that you’ve made on your property along with information on upcoming developments coming to your area. Appraisers don’t just work in your neighborhood. Chances are, they work all over and it’s impossible to keep up with the development happening in every area. Upcoming development and the housing demand in your area impacts the value of your home. Also being detailed and walking them through improvements you have made also helps them when putting their report together.

Are you expecting to get an appraisal on your home done soon? If so what do you need to do to prepare?

Did you hear the news?!

After my recent FREE masterclass, I introduced THE INVESTOR ROADMAP!!!!

The Investor Roadmap is a step by step tool that takes the guess work out of the Real Estate Investing process. No more not knowing what you should be focusing on in each phase. I’ve taken my years of experience along with other investors and created a free tool to help you begin to take action!

Have you ever felt like

  • I’m not sure what step I should take next?

  • I’m investing in Real Estate but I feel like I’m missing something?

Find out where you are on the Roadmap and take the FREE Quiz today!