What is involved in the appraisal process?
The physical inspection of your home will begin the appraisal process. Several key points are listed below to help you understand the procedure: The interior inspection will last about 10-35 minutes, depending on the size and complexity of your home. Please do not feel that the appraiser is working too fast or overlooking certain features, as they are well trained and experienced. Please allow the appraiser to access every room in your home. Don’t worry about the kids, toys, unmade beds, vacuuming or clutter. The appraiser is only looking at the structure, condition, and features of your home. There are several different ways to obtain the measurements of your house. An appraiser may physically measure the house with a tape measure, a measuring wheel or laser measuring device; he/she may obtain the measurements from a previous appraisal report they completed, a prior mortgage survey, or from assessor’s records at your township or city hall. During the second step of the process, the ap
First, we will do a careful physical inspection of your home. Don’t worry about the kids, toys, unmade beds, vacuuming or other household disorder. We are looking at the structure, condition and features of your home. This is only the beginning of the appraisal process. The inspection usually lasts about 10-45 minutes depending on the complexity of your home. Second, you may see your appraiser driving up and down streets of your neighborhood. He/She will be evaluating the neighborhood for homes that are similar to yours in location, size, design, number of rooms and extra features. We call these homes “Comps” or “Comparable Sales.” Our appraiser makes dollar adjustments to reflect differences in “Comp” properties. Upgrades like fireplaces, air conditioners or home improvements add value to a property (usually not dollar for dollar, but will add value). Finally, we are ready to prepare our report and submit it to your lender. At that time, your lender will be contacting you with the res
