Question 1

What is a property appraisal?

Accepted Answer

Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property.

Question 2

Who pays for the property appraisal?

Accepted Answer

Typically, the owner of the residential property being appraised will pay for the appraisal. For mortgage lending purposes, the owner of the residential property will never pay the appraiser directly. Appraisal fees should always be disclosed on your mortage loan disclosure statement.

Question 3

Can an appraisal serve as a home inspection as well?

Accepted Answer

No, an appraisal is not a home inspection. Inspections involve a licensed home inspector who evaluates the structure and mechanical systems (I.e., heating, plumbing, air-conditioning, etc.) of a house, from top to bottom. The appraiser is typically more interested in sales prices (within the past six months to one year) of comparable homes in the neighborhood, the exterior presentation of the property and amenities that enhance the value in that market.

Question 4

How do you determine the value of a home?

Accepted Answer

We rely upon the sales comparison approach to value where we compare recent sales of similar homes to your home, making adjustments where they are supported to come up with a reasonable opinion of value.

Question 5

What should I expect when you visit my home?

Accepted Answer

Upon arrival, the appraiser and assistant will inform the occupant they will begin the appraisal. The appraisal will begin with exterior measurements and photos of the property. After the exterior is complete, the appraiser and assistant will enter the home where they will take interior measurements, photos, and notes which will include comments about the quality and condition of interior surfaces (countertops, flooring, doors, cabinets, etc.). The appraiser will need to access all rooms within the home in order to take measurements and photos.

Question 6

How long does a home appraisal typically take?

Accepted Answer

The turnaround time for a full residential appraisal report varies depending on the complexity of the assignment. The inspection time typically spans around 20-30 minutes, while the report in its entirety typically can take around five business days.

Frequently Asked Questions (FAQ'S)