Frequently Asked Questions

  1. What is a real estate appraisal?

    A real estate appraisal is an objective opinion of the market value of your home. It's also a legal document, and its details play an important role in issues such as property tax assessment, home listing price and divorce settlement. Most commonly, home appraisals are used to help assure your mortgage lender that a home is indeed worth at least the amount of money you are borrowing. For a complete list of appraisal applications, view our home page.

  2. How does an appraiser perform an appraisal?

    A real estate appraiser will first evaluate your property by physically inspecting it, measuring the property dimensions and taking photos. The appraiser will look for specific elements of your property and comparing them to guidelines set out by USPAP and the Federal National Mortgage Association (FNMA).

    The appraiser also determines the value of your home by comparing it to similar properties within your neighborhood that have recently sold.

    Using the above criteria, the appraiser compiles a detailed written evaluation, arriving at a figure for the value of your home. The report may also provide any replacement costs, or the cost of necessary repairs, to your property.

  3. What qualifications should I look for in an appraiser?

    Appraisers undergo extensive training and eventually obtain a license with the real estate commission of the state where they'll perform appraisals. The more experienced the better; a good appraiser is knowledgeable about the local real estate market.

  4. How much does an appraisal cost?

    The cost of an appraisal is based on several factors, including the size and type of your home and the type of appraisal you’re ordering. To obtain a competitive quote for an appraisal, contact our office.

  5. What is your turnaround time?

    One week. We'll schedule an inspection within 24 hours of receiving an order. After the appraiser inspects the property, you can expect the report within 1-2 business days.

  6. I'm already having my home inspected. Why do I need an appraisal?

    An appraisal is different than a home inspection. A home inspector provides a detailed and objective evaluation of the condition of a home’s systems as they appear and operate at the time of the inspection. In short, an appraisal provides an opinion of value of a home in writing. An inspection provides an opinion of the condition of a home in writing.

  7. I've heard I can use an AVM to value my home. Why should I use an appraiser?

    An automatic valuation model (AVM) is a computer-generated value that many use as an alternative to a real estate appraisal (people think they're saving time and money).

    There are several problems with AVM's: They’re inaccurate, because they’re based on only a small amount of (frequently outdated) information. By contrast, when determining a market value, an experienced appraiser applies many variables and recent data and current market information to arrive at a significantly more accurate figure.

  8. What is PMI?

    PMI, or Private Mortgage Insurance, is simply an insurance payment added to most home loans to protect lenders in the case of loan default. What you may not realize is that as you make regular mortgage payments and your property appreciates, you may be eligible to have the PMI removed from your loan (PMI must be cancelled by your lender, but a current real estate appraisal provides some of the information needed to decide if you’re eligible for PMI removal). Unfortunately, many consumers don’t realize that PMI removal may be an option and end up spending hundreds or thousands of additional dollars each year.

 
 
  
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