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Appraisal FAQs

A property appraisal is an unbiased estimate of the true value of a property at a single point in time. It is conducted by a licensed, certified professional.  When buying a home, an appraisal can confirm whether the property is worth the amount you are paying.

An appraiser provides an estimate of the value of a property by looking at the location, amenities and recent sales (or comps) of similar properties in the same neighborhood.

An inspection often includes a walk-through to determine the general condition of the property and note any amenities of value in that area. Often, the appraiser will photograph or sketch the property’s layout. If there are any health or safety code violations, the appraiser will list them so they can be corrected before the lender approves a loan.

Yes, we do, but you are entitled to see the results.  Most lenders require a professional appraisal to determine the current market value of a property before they approve a mortgage loan.

Appraisals range from $350 to $600 depending on the size and value of the property. Prices vary depending on region, type of appraisal report requested and the amount of effort required to complete the report.

Yes, but if you are refinancing and the property has been appraised within the past three years, some lenders will be ok with a “drive-by” appraisal as opposed to a full appraisal, saving you money.

No, an appraisal is not a home inspection.  Inspections involve a licensed home inspector or contractor who evaluates the structure and mechanical systems (heating, plumbing, air-conditioning, etc.) of a house, from foundation to rooftop.

The appraiser is typically more interested in sales prices (within the past six months) of comparable homes in the neighborhood, the exterior presentation of the property and amenities that enhance the value in that market.

If the appraisal comes in short you will have 2 options. You can request that the seller lower the sales price to the appraised value or you can bring the difference from appraised value to the purchase price. A lender will always take the lower of the appraised value or the purchase price.

Believe it or not, one of the least expensive and most effective ways to improve the value of your home is a fresh coat of paint inside and out.   Another way to improve on value is to: get rid of clutter and clean. Your home’s presentation could make a huge difference on how it is perceived by the visitor.