Frequently Asked Questions
What is an appraisal?
An appraisal is an opinion of value that is completed by a professional appraiser who visits and inspects the size, condition, function and quality of the home. There are a few steps in the process. First, a licensed appraiser comes to the property and inspects the home. Next, the appraiser will research similar homes in the area and compare recent sales to determine a fair market value. The appraiser will then give a final appraisal report with all the data and research to issue a final “opinion of value.”
How does an Appraisal Work?
The Inspection – a licensed appraiser comes to the property and inspects it to determine fair market value . Comparables – the appraiser researches similar homes in your area and compares recent sales to determine market value. Final Appraisal Report – using the data gathered from the inspection and comparables research, your appraiser issues a final appraisal report.
When do you need an appraisal?
A real estate appraisal helps to establish a property’s market value – the likely sales price it would bring if offered in an open and competitive real estate market. Appraisals protect both the lender, as well as the client, so they don’t overpay for a home. An Appraisal is also used by private parties for estate sales, divorce, and for ensuring that you are not overpaying for the property before you begin the loan process.