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Frequently Asked Questions
Why get a Real Estate Appraisal?
How long does an appraisal take?
Does an appraiser have qualifications?
How does the appraiser get the information needed to do the appraisal?
What does the appraiser look for?
Is an appraisal a home inspection?
What adds the most value to my house?
Will my taxes go up after I have my home appraised?
How can I get a copy of the appraisal?
What shoulp I have for the appraiser?
The determination of a property value is essential to the Real Estate transaction. A professional appraiser is used to determine these values by gathering, analyzing, and applying information pertinent to a property. The appraiser, backed by extensive training and knowledge, provides the information for those who make final decisions and who, manage, sell, purchase, invest in, and lend money on the real estate. An appraiser is trained to be an impartial third party in the lending process and part of the systems checks and balances in the lending process to help protect the buyer and the lender from over paying
How long does an appraisal take?
The physical inspection of the real property being appraised can take from approximately fifteen minutes to several hours, depending upon the size and complexity involved. This process is only the first step in an appraisal. From this point is when the appraiser really begins their work. They will be looking for the most comparable homes following federal guidelines and USPAP guidelines’ to determine the best homes to compare to yours. They will then drive by all the possible homes taking photographs along the way. Once back to the office they will be checking tax information, comparing interior pictures as available and contacting available parties in the others sales to best compare the selected homes to your home to determine value. Usually the appraiser is looking for homes as comparable as possible that have sold within the past 6 months and as close to your home as possible but usually within1mile or so at the most when possible. A short form report usually takes between three to six hours to complete after the visit to your home and after collection of all the data needed to appraise your home. So although you only saw the appraiser for a short time there is a lengthy process involved to determine their opinion of value.
Does an Appraiser have Qualifications?
State have guidelines which start with the general qualifications and then are added to by states if they chose with additional qualifications. When hiring an Appraiser using a State Certified Appraiser is your best bet as they have done all the qualifications, testing, apprenticeship and continuing education required in the state.
How's an appraiser get information needed to do the an appraisal?
Information comes from a wide variety of sources,physical and drive by inspections the local Multiple Listing Service, tax assessor records, Court document, real estate professionals, other public record, online data sources and from sellers and buyers. The Appraiser then compares, analyzes and determines the quality and reliability of the data to be considered.
What does the appraiser look for?
Typically, an appraiser needs to look at the overall condition of the property, both inside and out. They are looking at the friendliness and how typical the style and floor plan are and features done to the home to update and to modernize the overall quality of. This information is used when they look at other homes to compare to yours. The appraiser estimates the square footage by measuring the exterior of the home. Non-living areas, such as basements, garages or covered porches, do not get included in the living area and get placed in the report and given value in other places. The appraiser compares sold home prices with items similar to yours and homes that may be missing some of the extras or even have additional extras your home does not have to determine the value for each adjustment they make which is called a paired sales analysis. Which basically means other homes which have sold can tell the appraiser the contributory value of an item based on what people in the market are willing to pay. Only permanent fixtures and real property. Things like above-ground pools, hot tubs and small sheds are considered as personal property and typically aren't included in the valuation. This does not apply in all cases, there are times based on the type of installation or size they may be considered and that is typically at the appraisers discretion and must treat all other homes used to compare to yours the exact same.
Is an Appraisal a House Inspection?
These are two completely different inspections. The appraiser is looking to determine an opinion of value and is not a home inspector. The appraiser may see something that does not look right during their inspection and may make a note that this should be inspected but they do not physically inspect the home for flaws or termites. The home inspector is the one charged with assessing the physical structure of the home for damages and or needed structural repairs and deferred maintenance issues.
What adds the most value to my home?
This is a very difficult question to answer as the real answer it depends. An appraiser looks at items for contributory value, they also look to see what is most common in your immediate area and what is expected by a typical buyer in your area and how those improvements relate to value. Contrary to many home improvement shows that tell you whatever you do to improve your home increases the value – that will be area specific and based on other homes in the area and what is typically expected. Just because you over improved your kitchen with a $40,000 kitchen in a market where the expected kitchen improvement is $20,000 does not mean you will be adding the extra $20,000 to your value, it may be an over improvement to the area. Speak to others in your area, see what they are doing, compare pricing, Look at open houses in your neighborhood and be careful not to over improve because you may not see all that money returned.
If I have my home appraised will it change my taxes?
A Real Estate Appraisal done for you personally or for estate, lending or any other reason personally does not get submitted to the taxing authority. The County, town or State you live in has people they employ to determine values in their districts and it is not tied to the appraisal being done for your reasons. The appraiser is required to maintain confidentiality with the client, which would typically be you or the bank.
How do I get a copy of the appraisal?
Under the Equal Credit Opportunity Act, your lender must provide you with a copy of the appraisal report upon your written request. The person whose name is on the appraisal as the client is the owner of the appraisal. This means as an example if you are taking a mortgage on a home the lender is considered the client you would be considered the owner or buyer depending on the situation. The client which in this case is the lender is the owner of the appraisal and if you want a copy of the appraisal it must come from the lender as they own it even though you may have paid for the appraisal. Guidelines and legislation restrict who has the ability to obtain a copy of the appraisal and also restrict who the appraiser is allowed to give a copy of the appraisal to. If the appraiser is doing the appraisal for you as the owner you will receive a copy from the appraiser.
What should I have for the appraisal?
If any of the following can be provided it greatly helps the appraiser as well as yourself in the amount of time it can take for the appraiser to do their job. If you do not have the items, don’t fear. Usually an appraiser can obtain them if needed it just usually lengthens the time and research to do the appraisal. Some suggested items you could provide include: Survey, Deed, Recent Tax Bill, List of Improvements, Upgrades and their costs, Floor Plans, If selling a list of items to remain with the home if applicable, Your original purchase date and price and any other information you feel would be vital for the appraiser to know about your property.
