APPRAISAL FAQ'S
What is an appraisal?
The process of forming an opinion of value for a property or interest in real estate.
How do I prepare for an appraisal?
The appraiser will need access to all areas of the home including the garage, basement, outbuildings, utility rooms, attic & crawl spaces. Please make sure those places are accessible. It is not necessary to clean the home, but pictures will be taken of each room and will be included in the report. A list of recent repairs or renovations will be helpful in determining the overall condition of the home.
How long will the appraisal process take?
A typical appraisal inspection will take 30-60 minutes. More complex properties may take longer to inspect. Gathering market data, reviewing comparable sales and writing the report often takes several days.
When do I need an appraisal?
A lender would typically order an appraisal when buying a house with a mortgage or refinancing your home loan. You can request an appraisal directly for many reasons including when listing a home for sale, estate planning, appealing property taxes, planning new construction or when dividing assets for a divorce settlement.
What is the difference between an appraisal and a home inspection?
An appraiser determines the market value of a property, while a home inspector looks for issues with the structure, systems and any deferred maintenance throughout the home.