Question 1

Who orders an Appraisal?

Accepted Answer

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.

Question 2

How much does an Appraisal cost and how long does it take?

Accepted Answer

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.

Question 3

Why do I need an Appraisal?

Accepted Answer

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

Question 4

What does an appraiser do?

Accepted Answer

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.

Question 5

Can I or the lender speak to the appraiser?

Accepted Answer

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.

Question 6

Who pays for an appraisal?

Accepted Answer

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.

Question 7

Is my information kept confidential?

Accepted Answer

Yes. Please read our Privacy Policy for more details about how we use your information.

Question 8

Does race negativly or positvely factor into my appraisal?

Accepted Answer

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.

Frequently asked questions