Frequently Asked Questions

A home appraisal is an unbiased evaluation of a property’s value conducted by a certified appraiser. The purpose of the appraisal is to determine the fair market value of the property, which is crucial for various real estate transactions, such as buying, selling, refinancing, or obtaining a mortgage.

Home appraisals are essential in real estate transactions to ensure that the property’s value aligns with the amount of money being lent or paid for the property. Lenders use appraisals to assess the risk associated with a mortgage, and buyers and sellers use them to negotiate a fair price.

Home appraisals are typically performed by licensed or certified professional appraisers who have undergone extensive training and education in property valuation. These appraisers are impartial third parties who have no vested interest in the outcome of the transaction.

Home appraisals consider various factors, including the property’s location, size, condition, age, features, comparable sales in the area, local market trends, and any recent improvements or renovations made to the property.

The time required for a home appraisal can vary depending on the property’s size and complexity, as well as the appraiser’s workload. In general, a standard residential appraisal can take anywhere from a few hours to a few days to complete.

To ensure a smooth appraisal process, consider tidying up the property, completing any minor repairs, providing access to all areas of the home, and having relevant documents and records, such as property surveys and recent renovations, available for the appraiser’s review.

While it’s not necessary for you to be present during the appraisal, you may request to accompany the appraiser to provide any relevant information about the property. However, keep in mind that the appraiser’s role is to remain unbiased and base the valuation on objective criteria.

The cost of a home appraisal varies based on factors such as the property’s location, size, and complexity. On average, a residential appraisal can cost anywhere from $300 to $600 based on the complexity of the appraisal. Retrospective appraisals (reports with an effective date prior to the current date) may require more research depending on how far back the data needs to be researched. Other factors that can affect the cost of the appraisal are the location and characteristics of a home, with more unique homes requiring additional research. The party’s responsibility for paying the appraisal fee may vary depending on the type of transaction.