Be Your Own Boss

THINGS TO KNOW BEFORE YOU THINK ABOUT CASHING IN. THE HOME IS MOST PEOPLE SINGLE BIGGEST INVESTMENT. SO WHEN ITS TIME TO FIND OUT WHAT ITS WORTH, THE NUMBER HAS TO BE RIGHT. BUT HOMEOWNERS GENERALLY DONT GET A SAY IN WHO A BANK HIRES TO APPRAISE THEIR HOUSE BEFORE A SALE OR REFINANCE. STILL, THERE ARE PROTECTIONS. SO THE LENDERS, BANKS TYPICALLY CHOOSE THE APPRAISER. ITS A VETTING PROCESS. SO WE NOT ONLY HAVE TO HAVE A LICENSE, WE HAVE TO HAVE INSURANCE, AND WE HAVE TO PROVIDE WORK SAMPLES. BY LAW, HOMEOWNERS ARE ENTITLED TO A COPY OF THE APPRAISERS REPORT, WHICH THEY SHOULD THOROUGHLY REVIEW. GO THROUGH THE REPORT, SPECIFICALLY PAGE ONE, WHICH DESCRIBES THE PROPERTY AND MAKES SURE THAT INFORMATION IS CORRECT. AMONG THE ITEMS TO CHECK SQUARE FOOTAGE, PROPERTY CONDITION ACCOUNTS OF ANY UPDATES AND OWNER HAS MADE SINCE PURCHASE, ESPECIALLY KITCHENS AND BATHROOMS. APPRAISERS ARE REQUIRED TO MAINTAIN CONFIDENTIALITY ON BEHALF OF THEIR CLIENT, THE BANK, BUT IT DOESNT MEAN A HOMEOWNER CANT OFFER UP INFORMATION WHICH MIGHT HELP BOOST THEIR VALUE. I THINK ONE OF THE GREAT THINGS THAT HOMEOWNERS CAN PROVIDE ME IS A LIST OF UPDATES, BECAUSE THAT HELPS ME IN REGARDS TO YEARS WHEN IT HAPPENED, WHAT KIND OF UPDATE. AND IM WALKING THROUGH AND I COULD SEE THAT AND IM TAKING A PHOTO AND THATS GOING TO BE IN MY REPORT AS WELL. IF ANY MISTAKES ARE FOUND, NOTIFY THE LENDER WHO HIRED THE APPRAISER TO ASK FOR A CORRECTION IF THAT FAILS, THERES ANOTHER STEP TO TAKE, BUT IT REQUIRES FINDING COMPARABLE SALES IN YOUR TOWN. ITS CALLED A RECONSIDERATION OF VALUE, AND IF THEY PROVIDE 3 TO 4 GOOD SALES, THE LENDER WILL PROVIDE THOSE TO THE APPRAISER. AND IF THE, YOU KNOW, THE APPRAISER WILL MAKE THE NECESSARY CORRECTIONS IF THEYRE WRONG OR SOMETHING WAS MISSED. FINALLY, IF ALL ELSE FAILS, THE ULTIMATE CHECK, HIRE YOUR OWN APPRAISER WHO CAN DO WHATS CALLED A DESK REVIEW OF THE APPRAISAL. AND FROM THEIR DESK, THEY CAN REVIEW THAT REPORT AND TELL YOU IF ITS GOOD, FAIR, OR POOR. AND THEN, BASED ON THAT, YOULL KNOW IF ANOTHER PROFESSIONAL AGREES OR DISAGREES. AND YOU COULD PROVIDE THAT TO THE LENDER. AND THATS MORE AMMO SHOWING TH