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Appraisal Fast Facts

An Appraisal Will Make Or Break The Sale Of Your Home

During the course of a home purchase the buyer’s lender will want to verify whether or not the amount of money they are lending toward the home is valid.  Mortgage lenders will require that an appraisal will be performed on the subject property, thus an appraiser licensed by the state is hired to seek market value for the home.

An appraisal can be defined is an unbiased estimate of opinion of a specific property’s value on a given date.  An appraiser is expected to determine the value in a competent, objective, and impartial manner.  Their opinion of value is issued in an appraisal report, and includes research, analysis, and all relevant data regarding the home.

The following steps are normally taken by appraisers when compiling the report:

  • Research the subject property as to square footage, bedrooms, baths, year built, and lot size, etc.
  • Gather data of recent sales in the subject property’s neighborhood.  The homes need to be within a one-mile radius of the subject, and sold within the past three months.  Usually three comparable homes are selected based upon similar size and features.  These homes are referred to as “comps.”  Usually the local realtors’ MLS is utilized, or the appraiser may have to investigate country records in order to find the most suitable comparables.
  • An on-sight walk through inspection is also necessary.  An appraiser will view the subject home’s interior and exterior, take measurements to note the square footage, confirm the amenities and condition, and verify that the home has no health and safety issues based upon FHA or VA loans guidelines.
  • Reconcile and document the findings in a report that may be based upon a sales comparison approach, an income capitalization approach, a cost approach, or a combination of these methods. 

Once the process is complete the appraiser determines a final value estimate to present to the client.  Depending upon a client’s needs or the lender’s requirements, the appraiser may have to compile an exhaustive report. Or, he may only be required to state the research and value in a simple summary comprised of just a few pages.

Have more questions about the appraisal process?  Give me a call at (760) 382-1082 and let’s talk further about home values and the important role an appraiser plays in the purchase or sale of your home!

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