FAQ's
What is a real estate appraisal?
An appraisal is a professional opinion of a property’s market value, based on factors like location, size, condition, and recent comparable sales.
Why do I need an appraisal?
Appraisals are typically required by lenders to ensure the property’s value supports the loan amount, but they can also be useful for buying, selling, refinancing, or settling an estate.
How long does an appraisal take?
The on-site appraisal inspection usually takes 30 minutes to a few hours, but the full process, including research and report preparation, typically takes 2–5 business days.
What does an appraiser look for during an inspection?
We assess the home’s size, layout, condition, location, upgrades, and any features that impact its value, as well as external factors like neighborhood trends.
How much does an appraisal cost?
Fees vary based on property type, location, and complexity, but we’ll provide a quote upfront before starting the process.
How do I prepare for an appraisal?
Make sure the property is clean and accessible, complete any minor repairs, and provide information about recent improvements or upgrades.
Can I choose my appraiser?
For lender-ordered appraisals, the lender typically selects the appraiser through an approved process. For private appraisals, you can choose the appraiser directly.
What’s included in the appraisal report?
The report includes a detailed analysis of the property, comparable sales data, the appraiser’s valuation, and supporting documentation.
The report includes a detailed analysis of the property, comparable sales data, the appraiser’s valuation, and supporting documentation.
Can the appraisal value be challenged?
If you believe there are errors or additional data to consider, we can review the report and make adjustments if warranted.
What factors affect my property’s value?
Key factors include location, size, condition, recent sales of similar properties, and market trends.
Why is the appraised value different from the market price?
The appraised value reflects the fair market value based on data and analysis, while the market price is influenced by buyer demand and negotiations.
Does the appraisal reflect the replacement cost of my home?
Not typically. Appraisals focus on market value, while replacement cost estimates are often used for insurance purposes.
Will the appraiser know the home’s sale price?
Yes, if the appraisal is part of a purchase transaction, the appraiser will consider the sale price as one data point in their analysis.
What happens if the appraisal comes in low?
If the appraised value is lower than expected, the buyer and seller may renegotiate, or the buyer may need to bring additional funds to close the gap.