Tips on Preparing for an Appraisal

[Kevin Manafi]

Hi all,

Any tips/best practices for preparing a fully-rented investment property for a lender appraisal (two-fam)? I'm doing a rate/term refinance and am toeing the line for the LTV I need, so any and all advice is much appreciated. Also, how to tell the tenants/ask them to tidy up for the appraisal without spooking them that the house is being sold or something of that nature?

Thanks in advance for the help.

[Luke Marsh]

@Kevin Manafi I would communicate to the tenant that you are getting an appraisal done, and provide them enough notice to prepare. Regarding the appraiser, I would point out improvements that have been made, whether they ask for it or not, at least then they will be aware. As Greg mentioned, every appraiser is different.