Appraisals

Appraisals play a key role in the mortgage process. An appraisal on real estate, is the calculation of an estimated market value for property or land. A correct appraisal is done by a non-biased third party, licensed professional that has no affiliation to the lender or client. They should be local to your area. Below are the few steps for appraising a home.

  • First, you will schedule the appraisal at your own convenience. The appraiser will visit and inspect the size, quality, condition, function and features of the property. When the appraiser has gathered up these details and anything else you deem to be important, the appraiser will be out of your house and then you’re done!
  • The appraiser will then use their research and compare the similar homes in your area that have recently sold. Short sales and foreclosures can have an effect on your value. The appraiser will find home sales from the last 6 months that have similar square footage and the similar amount of bedrooms and bathrooms
  • Style of the home will also be a factor the appraiser compares your home to. The appraiser should compare a ranch home to a ranch home or a colonial to a colonial. Other additional things like a pool, a movie theater, or unique features will not be the main determining factors of value. They will make adjustments and give credit for upgrades and improvements though
  • After the appraiser is done with their research, a final appraisal report will be issued and the lender will make any changes to the loan if needed. This process should be quick and easy and you’re only needed for a small portion!

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