Property Assessments and Appraisals

Miffed by the bad loans that capsized the real estate market, most lenders are suspicious about everything involved in an appraisal. They subsequently helped to create the Home Valuation Code of Conduct (HVCC), which prohibits realtors and mortgage brokers from selecting appraisers to ensure unbiased valuations. Effective May 1, 2009, the HVCC establishes standards for home appraiser for any mortgage that will be sold to Fannie Mae or Freddie Mac.

Now homeowners must be more proactive in order to get the most out of home appraisals. To ensure an accurate appraisal, be sure to draw up a list of renovations and improvement you have made to your home. Be sure the appraiser is familiar with recent neighborhood sales of comparable houses. Have your realtor present, and provide a recent tax bill as well as a property survey.

Be sure to clean your house thoroughly before the appraiser arrives. Make sure the landscaping is well groomed, especially in the front yard. Getting a good appraisal is key to maximizing your real estate values and marketability.