A residential real estate appraisal is a common type of valuation in which an appraiser determines the fair market value of a house. A real estate appraisal provides unbiased insight into a property’s estimated worth by comparing it to recently sold homes in the same area.
Appraisals answer the question, “how much is my house worth?” They protect both the lender and buyer – lenders avoid the risk of lending more money than the house is worth, and buyers can avoid paying more than the home’s true value.
Here are some of the things appraisers will assess and consider during a home appraisal:
● Overall condition of the property;
● Property’s age and location;
● Any improvements made to increase value;
Recent and active sales of similar homes in the area.
Basic cleanliness is all that is necessary, but the appraiser will need access to the entire dwelling. The home appraiser will take measurements to verify floor plans and square footage, typically taking photographs to document the space and to determine quality, condition, and features of the property. Providing the recent updates and improvements information is also crucial in reporting the most accurate information about the subject property in the appraisal report.
Each appraisal fee is determined by the scope of work involved in the appraisal assignment. The scope of work for the appraisal assignment is influenced by the location, size and type of property, and turn time required. Free quote is provided on the same day as initial contact. Typical turnaround time for completed reports is 5-7 business days. Rush services are available upon request.