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COMMON QUESTIONS

Everything You Need to Know

Learn about the basics about appraisals.  Find a list of frequently asked questions below. If there’s something I’ve missed, please reach out and let me know how we can help you.

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WHAT IS AN APPAISAL?

Simply, an appraisal is an opinion of value.  

An appraiser will research and analyze data to estimate an opinion of value based on that data.

WHAT IS AN APPRAISER?

An appraiser is someone who performs a valuation service that is independent, impartial, and objective.  Usually, they are self-employed and are hired as contractors.

DO I NEED AN APPRAISAL?

Most residential appraisers are hired during the purchase of a home.  They are hired by the lender to determine market value for the subject property.  This helps the lender know if the property they are lending money for is worth it.  It's risk management.

However, appraisers can be used in a variety of assignements.  For example, you want to sell your home yourself and want to know its market value.  Maybe you disagree with the square footage of your property and would like to appeal to the county.  Perhaps you are creating a trust and need to know the value of your home.  Other opportunities include estates, divorce, bankruptcy, investor, rent schedules, relocation, etc. 

WHO IS THE CLIENT?

The simple answer, the one who hires the appraiser. 

In most residential assignements it's the lender who does the hiring, so they are the client.  In other assignements, mentioned above, it can be a private party.

WHY DO I NEED TO KNOW WHO THE CLIENT IS?

The appraiser can only discuss the final value with the client.

AN APPRAISER IS COMING TO MY HOUSE, WHAT SHOULD I DO?

Not much or a lot. It really depends on you.  A clean house is not necessary but appreciated!  The appraiser will be taking pictures of your house and will need access to everything.  What is everything?  The attic, crawlspace, water heater closets, all rooms, etc.  Any additional information you can provide about updates or remodels is also very helpful.

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