The National Association of Realtors reported that sales of existing homes fell by 8.4 percent in March, compared to February. It was the biggest one-month decline since a 12.6 percent plunge in January 1989, another period of recession conditions in housing.

The troubles in mortgage lending are also playing a significant part in declining homes sales. Lenders have tightened standards with the rising delinquencies in mortgages especially in the subprime market, where borrowers with weak credit histories obtained their loans.

Single Family Homes or Condominiums

Up to 3,000 Gross Living Area SQFT - $350
3,000-4000 Gross Living Area SQFT - $400
4,000 - up Gross Living Area SQFT - $600

Drive-by inspection report - $300
Limited scope appraisal of a single-family home (including units in condominium or PUD projects). Drive-by only, no interior inspection.

Multi units:
2 Units - $450
3 Units - $500
4 Units - $550

442 Form or recert of value report $100
The purpose of this report form is to provide the lender/client with an accurate update of an appraisal and/or to report a certification of completion.

Rent Schedule $75
The form is prepared by the appraiser as an attachment to the appraisal for a single-family investment property. The lender should retain the original of the form and the appraiser, the copy. The form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.

Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender, but you must ask for it from your lender.

To facilitate the appraisal process, it’s beneficial to have these documents ready for the appraiser:

Information on the latest purchase of the property in the last three years
List of any personal property to be sold with the home
Title policy that describes encroachments or easements
Most recent real estate tax bill and or legal description of the property
Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells
Brag sheet that lists major home improvements and upgrades, the date of their installation and their cost (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available)
A copy of the current listing agreement and broker’s data sheet and Purchase Agreement if a sale is “pending”.
Information on “Homeowners Associations” or condominium covenants and fees.
A list of “Proposed” improvements if the property is to be appraised “As Complete”.
Once your appraiser has arrived, you do not need to accompany him or her along on the entire site inspection, but you should be available to answer questions about your property and be willing to point out any home improvements.

Here are some other suggestions:

Accessibility: Make sure that all areas of the home are accessible, especially to the attic and crawl space
Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter, but they’re human beings too! A good impression can translate into a higher home value
Maintenance: Repair minor things like leaky faucets, missing door handles and trim
FHA/VA Inspection Items: If your borrower is applying for an FHA/VA loan, be sure to ask your appraiser if there are specific things that should be done before they come. Some items they may recommend might be: Install smoke detectors on all levels (especially near bedrooms); install handrails on all stairways; remove peeling paint and repaint the effected area; provide inspection access to the attic and crawl spaces.