What is the proceedure of a property appraiser?

[stray]

We are upside on the house by about $40,000, and we are allowed $50,000 equity. We provided an extensive and professional CMA, but the trustee is sending out an appraiser. We have an old neglected house and a separate garage behind it (with no elect, etc.) His interest is because the property is 2 separate tax lots.

My question is, what is the procedure of an appraiser? Do I have to be here? Will they call first? Just wondering if anyone had experience with this. Totally stressed out and just trying to make bills this month. I can't deal with making my house presentable for visiters.

[Pandora]

getting an actual "walk-through" appraisal isnt as bad as you think. Do they come into your home and walk each room? Usually, yes..they do - but they need to in order to get an accurate valuation of the property - good & bad.

We had one done in order to strip our 2nd and all in all, it took just over an hour or so. We had to have at least one person here in order to have the appraiser come through the house; if you have any pets, you may be asked to put them up until the appraiser leaves to ensure 1. they dont get released, and 2. no one gets bit

No worries... it'll be over before you know it.

[LadyInTheRed]

I wouldn't worry about making the house presentable. I'm sure the appraiser has seen it all.

[frogger]

getting an actual "walk-through" appraisal isnt as bad as you think. Do they come into your home and walk each room? Usually, yes..they do - but they need to in order to get an accurate valuation of the property - good & bad.

The appraiser is not appraising how clean/tidy your house is. They are appraising the structure and condition, relative to market value.

# of square feet
condition of property
year built
neighborhood comparisons
comparable sales.

That's what it's all about.

Chill and as always, have patience grasshopper..........

[stray]

I was hoping it would just be a drive by, since he's only interested in it for the potential in the 2 separate lots. I work at home, so I guess the possibility of a "pop in" is freaking me out. My house is completely embarrassing, but I will try to chill. I'll just try to get caught up with work to take care of it before they get here -- whenever that is. Oh, and there's no place to lock up the 5 cats, but they'll just all hide.

Thanks everyone.

[DebtEnder]

Having worked for an appraiser I can assure you, we have seen it all. The 700 pound women in the tub of the trailer with only half a floor has to take the cake though.

However if it's a question of the land lot it will probably just be a 2055 (driveby) appraisal. If it is a 1004 (full) depending on size you can expect about 15-30 minutes or so for the average house.

[stray]

Thanks DebtEnder that's very helpful. And I'm really sorry you had to see tub lady -- probably made her day though, it's funny you said cake.

I have a call in my atty (paralegal is who I'll get). I'm going to ask if they know if it's a driveby or full appraisal. I imagine the cost is different, so I'm thinking the trustee would have specified with the appraiser. I haven't received anything in writing yet except a casual he'll be sending an appraiser note in an email.