Appraisal "Cheat Sheet" w/ improvements and comps during refi

[Michael Marchman]

I have my first appraisal coming up and am meeting with the appraiser. I wanted to create a simple 1-2 page document with basic information about the property(i.e., list of improvements and comps in the area). With the help of @Ryan Lundquist and the template he created, I made some changes and created a easy to edit, "cheat sheet" with the desired information.

I am not a realtor and in no way am I an expert, just wanted to provide this template in the event someone was looking to do something similar. Feel free to download and edit in anyway you want. Thanks!

(Can't figure out how to upload the Microsoft word version, PM and I can send it to you)

[Michael Marchman]

Editable Cheat Sheet

Microsoft word version is available in the Fileplace

[Ron Brady]

@Michael Marchman This is really nice!  My wife and I have an appraisal this upcoming Monday and and we will iterate on this and use it.  Great timing for us! Please keep us updated in your efforts and we will do likewise.  Thank you!!

[Michael Marchman]

@Ron Brady My pleasure and will do. Good luck Monday!

[Michael Marchman]

For what its worth, my appraiser must have woken up on the wrong side of the bed, he was nasty and very short. I tried to give him my 2 page document I created with information on the improvements that were made and some before and after pictures and he refused to take the documents from me. He said "your lender does not allow me to take documents from you" which I don't think is true. 

[Todd Rasmussen]

Originally posted by @Michael Marchman:

For what its worth, my appraiser must have woken up on the wrong side of the bed, he was nasty and very short. I tried to give him my 2 page document I created with information on the improvements that were made and some before and after pictures and he refused to take the documents from me. He said "your lender does not allow me to take documents from you" which I don't think is true. 

 Some are VERY finicky about talking directly with the owner of a property. Most actually in our experience. We actually had one quit on us because they didn't feel comfortable that we were scheduling them directly. The irony of blindly pursing objectivity in a very subjective process is lost on the ones I've met.

[Evan Polaski]

@Michael Marchman this is great. I do not have anything this formal, but my presentation is always typed out list of improvements performed, before and after photos, and I have a realtor (now me) pull some comps to support my value. I just print the MLS sheets. Occasionally I might write a few notes, but the nice part of the MLS sheets, is it has the listing number so appraiser can pull it very easily, and it has pictures.

I always meet the appraisers, 100% of the time (BRRRs, primary residence refi's, flips).  Occasionally, you get the sense they don't like it, but I have never had anyone be rude to me or refuse to take my info.  I will say, flips are easier since I am not taking the loan, and there is an arms length contract that the appraiser just needs to justify the contract price.

[Michael Marchman]

@Todd Rasmussen I got that same exact feeling with this particular individual. It's funny you mention the irony because I said something very similar to my wife. It's all part of the learning process though! Appreciate your insight, good to know I'm not alone.

@Evan Polaski Great advice brother! This was my first BRRR refi appraisal so I wanted to be prepared with information but didn't want to overwhelm the appraiser. I'll continue to prepare this information and try on the next appraiser!

[Kerry Baird]

Over the years, I have always met my appraisers, and also do present the improvements that have been made.  They have a section on quality and a section on condition.  I do my best to point out areas where we meet or exceed either of those standards on our properties.  Additionally, I pull solds to present to them.  

[Michael Marchman]

UPDATE: Got my appraisal back today and the house appraised for $95k. 

Purchased the house for $60k, and put $9k into it. Everything worked out in the end. 

[Ron Brady]

@Michael Marchman

Great to hear on the final result. My appraiser took our iteration of your sheet and our before and after photos. Fingers crossed re: valuation.

[Michael Marchman]

@Ron Brady keep us updated!

[Pavel Chibole]

@Michael Marchman can you please send me the template in a word format.

[Whitney Hutten]

Very nice! Thank you for sharing.