Preparing for an appraisal from First Choice Appraisal Service (219) 863-7711

To appraise a property, an appraiser is required to be licensed by the state when the transaction involves any federal financial regulatory agency such as Freddie Mac, Office of Thrift Supervision, and the like. Contact us if you have any questions about the appraisal process.

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

  • A plot plan or survey of the house and land (if available).

  • Information on the latest purchase of the property in the last three years.

  • Information on any written private easements, such as a shared driveway with a neighbor.

  • List of personal property to be sold with the building.

  • Title policy that lists encroachments or easements.

  • A bill for your most recent real estate taxes which should also contain a legal description of the property.

  • Any inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well.

  • A list of any major home improvements and upgrades, the date of their installation and their cost (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available).

  • A copy of the current listing agreement with broker's data sheet and purchase agreement if a sale is "pending".

  • Any "Homeowners Associations" agreements or, if applicable, condo agreements or fees.

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

Once your appraiser has arrived, you do not need to escort him or her along on the entire site inspection, but generally you'll want to be present to answer inquiries about your property and identify any home improvements.

Here are some other helpful tips:

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

  • Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter, but they're human beings too! A good impression can translate into a better home value.

  • Maintenance: We often recommend repairing 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 extra things that should be done before they arrive. Some items they may recommend might be: installing smoke detectors on all levels and especially near bedrooms, ensuring there are electrical receptacles in every room (note: GFI outlets are no longer required) and that each receptacle works, eliminating pull-chain lights in areas other than the basement or attic.