I have had 4 different appraisals on the same house (when I bought the house, when I divorced, refinanced twice). I totally agree with Tory. The only thing I would say is it is VERY subjective! and if there are not any comparables, it's even difficult to get a true "value".

Those 4 different appraisals came up with 4 different sq. footage....350sq ft difference between the biggest and smallest. It would be nice if they all followed the same type of basic standards (i.e. closets and hallways count as space).... just something to be aware of.

Good idea to have your home appraised before you put it on the market so you have time to fix all the boo boo's. Plus, you can say it is in salable order right up front!

We had an appraisal recently and two things caused some problems. Had I known ahead of time, I could have avoided the hassles. We were getting appraised to get refinanced so we could pay for a renovation. One of the spaces we were renovating had a tarp over the roof where it was leaky, but about to be torn off. The tarp raised red flags, so we then had to show an invoice that the roof (that was about to be demoed) was fixed. (In retrospect, I would have taken the tarp off before the appraiser came.)

The second thing was there was a small spot of old muck of some sort under the oil tank. It turned out it wasn't leaking, but it took a visit from the oil company and them writing the appraiser a letter to deal with it. (In retrospect, I would have wiped it up before the appraiser came.)

If you need an appraisal for a refi, ask a REALTOR friend to pick out the best comps. You cannot demand that the appraiser use these specific comps, but you can ask your mortgage contact to share them with the appraiser and suggest that these homes truly come closest to being comparable properties. Bad comps can kill the deal, even when your credit is terrific and your home is in great shape.

Get it completely ready first, so that you get the highest price possible in the appraisal. Most realtors will only sell a house for what the property is appraised for due to the buyer getting the mortgage approved. They don't want to waste time or money on marketing. I am getting ready to list my house and had this belief that i could sell my house for what i thought it is worth. This is especially tricky when you own a unique property since its very difficult for the appraiser to do comparisions and that is by far the largest part of an appraisal. This has been an experience for me and I'm still learning.

There are appraisers who use comparables (homes that are very similar to the one being purchased that have sold within the last 6 months or less) usually 3 comparable homes, to average the adjusted values of the 3 and that is the value they have for your home for the mortgage company or the cash buyer. Don't get these professionals mixed up with the inspectors (who look for defects in the home) or assessors who determine the value of the property for tax purposes. Realtors have to be aware of the values of homes in the areas because most of the homes do not have cash buyers and cash buyers will want an appraisal too. The appraisal is to be sure you are not overpaying for a property. Realtors take comparible property sheets to the house when they meet the appraiser to help the appraiser. Making sure that all is done and that all is in order is a great way to help the appraiser do their job and get you the best value.

Dearest Emily...
Well, in owning a mortgage company for over 10 yrs I learned a whole lot about appraisals and the flaws of USPAP regulations and the underwriters reviewing them.
1st - Never have unfinished work...in the appraisal world they call that deferred maintenance...the underwriter will probably turn down the loan for your buyer because of it.
2nd - If the buyer is getting FHA financing make sure there is no peeling paint or exposed insulation or pipe insulation - is sounds stupid but its a red flag for forcing lead paint and asbestos testing ($$$)
3rd - Staging, but not buyer staging but room photograph staging, the appraiser with take photos of Bedrooms, Baths, Kitchen, Dining, Family, etc. if your clutter is packed in a closet the underwriter will never know, and the underwriter will be the one looking at those photos for any red flags.
4th - If you have a basement make sure there are no signs of water leaks or moisture as well as mildew. Most Appraisers don't the difference between Mildew and Toxic Mold but if they see it they mention it.
Lastly - Follow the advice of getting a realtor to do a "free market analysis" and provide a copy to the appraiser - this will provide comps that they may not have chosen to better justify your homes value. However, paying for an appraisal yourself is a waste of money because the lender of the buyer will be the one that assigns the appraiser, for a finance transaction your appraisal will not be able to be used because it is considered as tainted due to bias or seller influence, not to mention the appraiser you choose may not be on a lender approved appraiser list. If your buyer is a cash buyer and you are being asked to provide the appraisal, well then, congrats...you"ll be putting a whole lot more money in your pocket because appraising is subjective.

I agree. We had our house appraised for a refinance. Cost $300 and our house appraised low because the appraiser only had smaller homes to compare with ours and so we were unable to refinance without a huge sum down. I asked for a redo and she said as long as the homes are within .23 miles of our house. Really. So I would check with local realty to see what homes are selling for around my block next time and get an idea before paying out $300.

The best thing I did was have my agent do the walk through with the appraiser. She pointed out all of the work we had done and made sure he was familiar with all of the comps in our area. She reminded him of how our location made a difference in the comps. We ended up getting an appraisal that was a little more than our asking price, which was a lot more than I had originally thought. Of course to make this work you have to get a great agent.