Preparing for an appraisal from MJS Appraisal Services

Legally, an appraiser must be state licensed to perform appraisals prepared for federally related transactions - i.e. transactions related to OTS, FDIC, etc.... Just give us a call at 817.423.8618 if you have any questions about the appraisal process.

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

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

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

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

  • A list of any personal property that will be left behind and sold with the home, such as an oven, or a washer and dryer.

  • Title policy that describes 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, septic systems and wells.

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

  • Locate copies of the current listing agreement, broker's data sheet and, in the event of a pending sale.

  • Information on "Homeowners Associations" or condominium covenants and fees.

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

Once your appraiser arrives, you do not need to escort him or her along on the entire site inspection, but you should be available to answer questions about your property and be willing to point out any home improvements.

Here are a few other tips:

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

  • Housekeeping: Appraisers see quite a few of homes a year and will look past most clutter, but they're human beings too! A good impact can mean a better home value.

  • Maintenance: We generally recommend repairing small things like leaky faucets, missing door handles and trim.

  • FHA and VA Inspection Items: In the case of your borrower trying to apply for either an FHA or VA loan, we strongly recommend to ask your appraiser if there are additional things that should be done before they arrive. Some items they may recommend might be: having 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, fixing leaky or dripping faucets, fixing broken windows or other glass like doors.