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Updated about 5 years ago,
HELOC Apraisal Tricks and Tips?
I applied for my first HELOC today.
It's for my house hacked property and the first step is the appraisal.
I am a firm believer the some investors can be extremely annoying and demanding to others compared to home owners. I like to counter act this by being as helpful as humanly possible. What can I do to help the appraiser and to help me get the appraisal I want? I am a little nervous there are not a lot of comps in my area. They are split into 2 groups rehabbed and not. Since this is a high C class area the rehabs people use are low end. There has been 3 recently sold rehabbed property's like mine but 10 non rehabbed and the price difference is 100k.
My thought was to provide the appraisal from the purchase (140k) followed with proof of the work I have done (new furnace, siding, heating pipe repair, cosmetics).
Attach the comps I would like to be used.
Are there any other tips or things I should do?
What should I avoid?
How should I present this without sounding condescending or making it appear as if I think they don't know how to do there job?