Frequently Asked Questions
General Appraisal Questions
What is a real estate appraisal?
An appraisal is an unbiased estimate of a property's fair market value conducted by a licensed professional. It is often required for home purchases, refinancing, estate settlements, and tax assessments.
Who orders the appraisal?
Typically, a lender orders the appraisal for a mortgage or refinance. However, homeowners, buyers, and attorneys may also request one for personal or legal purposes.
How long does an appraisal take?
The on-site inspection usually takes 30 minutes to a few hours, depending on the property size. The full appraisal report is typically completed within a few days to a week.
What factors affect my home's appraised value?
An appraiser considers location, square footage, condition, recent comparable sales, and unique features such as upgrades or renovations.
Can I challenge an appraisal if I disagree with the value?
Yes, if you believe there was an error or important information was overlooked, you can request a reconsideration of value with supporting evidence (such as recent comparable sales).
Residential Appraisal Process
What happens during a home appraisal?
The appraiser visits the property to assess its quality of construction, condition, size, layout, and features.
The appraiser considers which approaches to value will be applicable.
They research recent sales of similar properties in the area (comparables or “comps”).
They analyze market trends and other factors.
A detailed report is compiled, including the appraiser’s final valuation.
What can I do to prepare for an appraisal?
Ensure the home is clean and presentable.
Make any minor repairs (leaky faucets, chipped paint, etc.).
Provide a list of recent improvements or renovations.
Ensure easy access to all rooms, the basement or crawl space, attic, and exterior.
Does the appraiser consider home improvements?
Yes, but the impact depends on the type of improvement. Kitchens, bathrooms, and structural upgrades typically add more value than cosmetic updates.
Vacant Land Appraisals
How is vacant land appraised?
Appraisers consider location, zoning, topography, access to utilities, recent land sales, and potential for development.
Does land value change over time?
Yes, land values fluctuate based on market demand, infrastructure development, and zoning changes.
Legal & Financial Appraisal FAQs
Why would I need an appraisal for a divorce settlement?
To determine an unbiased market value of the home for equitable asset division.
Can an appraisal help with property tax disputes?
Yes, if you believe your home is over-assessed, an appraisal can provide evidence to appeal the tax assessment.
Do appraisals impact property taxes?
Not directly, but they can be used as evidence if you dispute your assessment with the county.