What Realtors Forget To Tell Buyers About Their Appraisal

When buying a home, the realtor and the home buyer know the appraisal is a significant part of the home buying process. However, because the appraisal takes place before the new buyers purchase and move into the home, oftentimes the realtor forgets to tell the new homeowner about what to expect AFTER they move in.

 

Appraisers Can Show Up & Take Pictures of Your Home For 12 Months After Purchase

Realtors should inform their buyers that there will be an appraiser coming by and looking at the exterior of the home and taking photos while the home is on the market and for 6 to 12 months after the home closes. 

This is due to nearly all homes that are listed and/or sold in the past 12 months will be used as comparable’s in appraisals of other homes in the neighborhood. 

As an appraiser I have been chased down and had guns pulled for taking photos of homes many times. I have to explain to the homeowner that we do not have any choice because the federal government requires current photos of the comparables used in appraisals for federally backed loans which accounts for nearly all home finance transactions.

 

Manufactured Homes Must Keep The HUD Data Plate Attached

When a manufactured home (also known as a mobile home) is sold it is important for the homeowner to know that there are small metal plates on the exterior of each section of the home and a 8.5”x 11” piece of paper on the interior of the home that is glued to the inside of a cabinet, closet, etc.. These are known as HUD data plate (the 8.5”X 11” paper) and HUD Tags (the metal plates).   

Appraisers are required to report the serial numbers, manufacturer’s name, model designation, date of manufacture from the HUD Data Plate and HUD tag numbers from the exterior of the home. If the Data Plate is missing or if the HUD tags are missing or painted over the homeowner will have to get an IBTS (Institute for Building Technology and Safety) report in order to get a loan on the property.   

This will cost the homeowner several hundred dollars.   

In the past year over 50% of the manufactured homes we have appraised have one or both of these FHA required items missing or painted over.

 

Important Ongoing Home Maintenance

Especially for first time homeowner it could be helpful for a realtor to give the new homeowner a list or calendar detailing the home maintenance items that can save them a lot of money.   

Some of the items that need regular maintenance include:  

• Change the air filter for the furnace every 3 months or more frequently if you have allergies or breathing problems.


• Have the furnace and AC unit services biannually once in the spring and once in the fall.


• If you have a standard water heater with a tank it should be services and/or drained and cleaned at the same time as the furnace and AC.


• While we don’t have daylight savings times in Arizona when the rest of the country changes time it is a good idea to check the batteries in the smoke detectors.



This is a small example of maintenance items. There are many home maintenance checklists available both for sale and for free.

 

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