Appraisal

An appraisal is a report that determines the market value of a home on a specific date. In order to obtain this value, a certified and licensed appraiser will visit the home to take many measurements, photos and view first hand the various amenities and features of the property. The actual home inspection is a relatively short process, generally 15-30 minutes, as the majority of an appraiser's efforts are consumed in the research and analysis stages.

Once an appraiser has completed the home inspection, they will explore comparable sales as well as current listings in the area. These properties will be used as a basis for determining the market value of the subject at that time. The appraiser will then make comparisons of the comparable sales and listings to determine similarities and differences between these properties and the subject. The appraiser will make additions or subtractions to the sales price of the comparison properties based upon differences such as bedroom count, bathroom count, square footage, amenities, upgrades, etc. between them and the subject. The adjustments will be totaled in order to arrive at a final determination of the value of the subject. This method of determining value is called the Market Approach.

Once the appraisal report is complete, your processor will email a copy of the appraisal report to you for your records.

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