The appraisal process is changing, and you may already be seeing some of the new reports in your transactions. Appraisers have begun transitioning to the updated standards, with full adoption coming November 2.

The changes are designed to create more consistent, detailed, and property-specific appraisals. Here are a few changes agents may notice:

• More detailed property documentation, including condition, features, and improvements.

• Separate interior and exterior condition reporting for a more complete picture of the property.

• More standardized photo requirements, documenting rooms, features, and areas of concern.

• Greater attention to deferred maintenance, damage, and property deficiencies.

• A new standardized appraisal report replacing several of the legacy forms used today.

Help your sellers prepare

Make sure the property is accessible, provide a clear list of improvements and updates, and have relevant information about the home available for the appraiser. A little preparation upfront can help create a smoother appraisal process for everyone involved.

Get ready with Key Mortgage

Key Mortgage is hosting regional appraisal training sessions throughout the rest of October to walk through the changes, what agents can expect, and how to best prepare clients before November 2.

Join us at your scheduled regional training to get prepared before the new appraisal standards take effect.