You will get the following in this e-guide
1. You will know what to ask your prospective AMC and understand the true meaning of true coverage.
2. You will learn more about the compliance points in AMC
3. You will also understand what questions to ask regarding top vendors and their fees
4. You will understand the nitty-gritty’s of quality control and review process in AMC’s
5. This guide will also equip you with questions you could ask regarding the management of the panel.
We feel that it is our duty to advise and be a go-to resource as a trusted AMC among the numerous mortgage professionals and appraisers operating independently all over the country. Consulting with us will give you all the tools you need to make the best decision for your organization. If you get our guide today you will be able to plan the future of your company in a much better way tomorrow.
Top 10 Ways to get the most out of your Appraisal
We have researched a lot to give you the 10 most comprehensive ways to get the most out of your appraisal. This is in hopes that this information will prove to be useful to you. This should help your borrowers have a pleasant loan experience.
1. If you have items at your home which need to be fixed then you should get them fixed. When the appraiser arrives he will want to check everything. He will assess the value of every little object and damaged goods could prove to be a detriment. Therefore it is ideal to get this fixed before the appraiser shows up. Chipping paint and tiles, flaws in the structure considering both indoor and outdoor spaces and plumbing errors could go down as disadvantages.
2. Maintain a list of things which you want to get upgraded. This list can be given to the residential appraiser along with the recent changes you have made to the house and property. This list will be verified by the appraiser and make adjustments wherever necessary.
3. You should understand the value of each item on your property. This is because the residential appraiser will only take into consideration the permanent fixtures at your home. This includes in-ground pools, and appliances which are built into the kitchen. Things which can be removed will not be taken into account. You should also know that basements are not taken into consideration when evaluating square footage. He will also check the basement and make upgrades which will exponentially increase the value of the property, but will never be included in the square footage. The count of bedrooms in the place is also a huge evaluation for real estate appraisal. This will be verified with thoroughness. Ideally every bedroom should have at least one window and one closet. It is not a good idea t merge dens with bedrooms or merge two bedrooms together. This shouldn’t be done unless the house has four bedrooms already.
4. If you have furnaces and air-conditioning units make sure they are in excellent working condition as they’ll be checked thoroughly by the best real estate appraiser.
5. If you are in the middle of renovating your home it is advised to get through with it before the appraisal starts. If they turn up in the middle of the renovation, they can also turn up at the end of the project. This will tax the travel expenses of the appraiser. This will be a detriment. The lender would like to have a finished report commending how professional the renovation project has been.
6. The outside of the house needs to be spic-and-span. The appraiser will take photographs of the front, back and the sides of the house. Therefore it is best to keep the exterior clean. Do not leave ladders, lawn ornaments or supplies of renovation materials lying around. Make sure that the exterior does not have peeling paint, either on the porch or the soffits. This will make an additional inspection if you want an FHA loan. This will need more time, resources and effort than usual.
7. Your house should maintain all the health codes. The appraiser will for sure check all GFI outlets in and around 6 feet of every water source. You should inspect your kitchen and bathroom pretty thoroughly for this.
8. If you have an attic or crawling space you need to make sure that it can be accessible for inspection. If it’s not then the lender will send the appraiser back to assess the property and cause you to spend more money.
9. Always add square footage. This holds true for those who wish to enclose the porch into the square footage area. This means that you will have to add the heating and cooling arrangements for that area. This will add to the value of the property. If you do not include the heating or cooling solutions you will not be able to include that area in the square footage.
10. The exterior appeal of the house is very significant. This holds true mostly for people who cover brick with sliding. This diminishes the value of your home since brick is considered to be more expensive than sliding.