How does an appraisal differ from a home inspection or survey?
An appraisal is an independent, objective opinion or value. The appraiser is not a home inspector, engineer, architect, electrician, plumber or contractor. The appraiser carefully inspects the house to determine the floorplan and the general overall condition. An appraisal does not include a guarantee of condition. The appraiser will observe any apparent problems and recommend appropriate specialized inspections. The appraisal will estimate the financial impact on market value resulting from such problems. Clients are strongly encouraged to seek the advice of experts regarding the structural or mechanical aspects of a home. Arizona requires all real estate appraisers to be, at a minimum, state licensed or state certified and have fulfilled rigorous education and experience requirements and must adhere to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation.
