A few things I learned preparing for the appraisal.

I got the appraisal back for the Camp Creek property in Atlanta.

$363,000.

That was a very nice surprise, and quite a bit higher than I was expecting.

I wasn’t sure how to prepare for the appraisal, especially because I wasn’t going to be there in person. At a few real estate conferences, I’d heard lenders and brokers talk about putting together information for the appraiser, so I decided to make a simple packet.

I included:

That last one was the biggest surprise.

When I bought the house, it was listed at around 2,300 square feet. That’s the number I had in my head for the past six months.

But while putting the packet together, I noticed the county records showed a larger number.

The appraiser eventually measured the house at just under 3,000 square feet…

That explained something.

Over the past few months, I’ve toured other Atlanta properties listed around 2,000 square feet and kept thinking they seemed unusually small.

Apparently, the houses weren’t small.

My reference point was wrong.

I don’t know whether flagging the discrepancy in my packet made any difference. The appraiser was going to measure the property anyway. But I’m glad I caught it.

The comps in the final report surprised me too. Several were in different subdivisions and weren’t properties I would have chosen myself. In Atlanta, things can change pretty quickly from one neighborhood to another.

But they supported the valuation, so I’m not complaining.

Now I’m working through the rest of the refinance, including insurance and some decisions about how I’ll operate the property once everything is finished.

More on that later.

If you’re preparing for an appraisal, I put together a copy of the packet I used for Camp Creek.

You can download it here.

Roberto Falck
IG: @roberto.falck.rei