“Make sure your client knows that the appraisal process after a disaster takes a little extra research,” says Candy Cooke, an appraiser and instructor for the course Appraisal Basics. Cooke says an appraiser may have to answer different questions in areas impacted by a natural disaster. For instance, if the house didn’t flood, is it worth more because of that?
“You could be in the middle of a transaction and your house may not be affected at all, but your client has to obtain recertification from the appraiser,” says Cooke.
Cooke also says appraisers need to know specific details about home flooding. “One house could have four feet of water and the house next door may have only two inches. Those are two totally different things,” Cooke says. “Appraisers also want to see what sellers are planning and what kind of renovations they’re doing.”
Cooke advises sharing with the appraiser photos of the property prior to damage, if available.
11 documents to share with an appraiser
This handy checklist created by instructor Candy Cooke includes information you may want to share with appraisers.
- Complete executed contract including all addenda and amendments. The lender does not always send all documents to the appraiser.
- Copy of previous survey. The T-47 Residential Real Property Affidavit (TAR 1907) does not have to be included. The survey provides lots of information
for the appraiser including flood hazard area and encroachments.
- List of improvements provided by the homeowner.
- Information about multiple offers. It is up to the sellers how much they want to disclose. They can give copies of all offers or just bits and pieces.
- Blueprints. If the property is unique, large, or difficult to measure, plans will help the appraiser.
- A list of recent sales and listings in the neighborhood that you have deemed similar.
- Information about any off-market sales or pocket listings.
- Information about comparable properties that may have issues. If you know of something that is
wrong or not disclosed in the MLS, write it on the comp
and provide to the appraiser.
- Your CMA.
- Information about what other properties the buyer viewed. This takes cooperation with the listing and buyer agents.
- Information about the neighborhood. This can be a link to neighborhood info.