Oftentimes, banks/brokers order the appraisal themselves. You should check with your bank or broker so that it is done the correct way. You also have the option to hire an appraiser directly if you wish to do so.
The cost of an appraisal varies depending on location, type and size of property, and any other extenuating factors, such as subdivision potential, waterfront, etc. The length of time for a completed appraisal report could take up to 10 business days. If you would like it faster, please check the rush box on the order.
There are many reasons as to why you may need an appraisal. Some of the most common reasons are:
1. determining the current value of property being bought or sold
2. determining the future value of property being built
3. mortgage or lending purposes
4. property tax assessments disputes
5. determining the value of property involved in litigation
6. Estate planning and resolution
Typically, appraisers are commissioned by clients to provide a professional opinion or consultative valuation services on the quality, value or utility of a specific property. An appraiser needs to document the condition of the property, both inside and out, from the layout and features to degree of modernization including any updates as well as the overall quality of construction. This information will help to assist the appraiser throughout the valuation and comparison process.
Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract. However, that communication should not be used to try and influence the appraiser in any way.
Typically, in a financing situation, the borrower pays for a home appraisal. The borrower will usually pay the lender, and the appraisal will be paid by the lender.
Yes. Please read our Privacy Policy for more details about how we use your information.
This is a common question within todays social climate. The appraisal process is designed to mitigate any risk of racial bias entering the report. Typically we use the sales comparison approach to derive the subjects value opinion. This means that we use recent comparable sales in the subjects immediate market area to determine a homes value.