Appraisals are often required by banks when clients are refinancing or purchasing. The general reasoning for this is that the banks want to verify the value of the property as well as its condition. Since social distancing measures have come into place appraisers for the most part cannot enter into properties anymore. Most appraisal companies have come up with work arounds and have got the lenders approval for said work arounds.
Here is some general information about what to expect with an appraisal under the current circumstances. This information was provided the appraisal company Adlaw.
- An appraisal inspection time must be made, as done before COVID-19. This ensures most of the interior of the home is visible from the outside and any animals are placed inside while the appraiser completes an exterior inspection (front and back). To assist the appraiser, occupants or realtors should have all blinds open and lights turned on for maximum visibility of the interior of the home.
- The appraiser must inspect the full exterior of the property, including taking photos of the street, front exterior, rear exterior, and rear yard. The appraiser may also take up to 4 pictures of the interior through the windows.
- Appraisers are to collect photos from the occupant or realtor. These photos must be taken with the Timestamp Camera App (free for iPhone and Android users) and sent directly to the appraiser. Photos must be taken within 48 hours of the appointment date to be used and relied upon in an appraisal report. This ensures each photo is tagged with a time and location.
- In some cases, lenders may require that the appraiser and occupant conduct an interior inspection through a video call. In these cases, the occupant or realtor must arrange a time when they can be available to walk the full interior of the home while on a video call with the appraiser.