Appraisal FAQ's
IS IT TOO LATE TO REFINANCE MY HOME?
Interest Rates are still fairly low making refinancing a smart option for many homeowners. Contact your loan officer to see if it is right for you depending on your financial needs.
WHEN WOULD I NEED AN APPRAISAL?
Appraisals are ordered for many different purposes. The most common reason is for Real Estate and Mortgage Transactions. Other reasons include: Estate Settlement, refinancing, to contest property taxes, removing PMI insurance, consulting and to determine the value of a property whether you are planning to buy or sell. Typically, appraisers are hired by lenders as an impartial third party in the lending process which serves as a form of "checks and balances" and protects buyers from over paying for property as well as lenders from over lending to buyers.
WHAT DOES AN APPRAISER'S JOB CONSIST OF?
The primary role of an appraiser is to provide a professional opinion, usually an estimate of a property's market value. Market value is determined by collecting, analyzing and interpreting data that would affect market value of that property. The appraiser doesn't create value, he/she interprets the market and analyzes the results.
The final value is usually derived from three approaches, The cost approach, The Income Approach and most commonly the sales comparison approach which is based on recent sales of comparable properties. Comparable properties does not mean identical to the subject property but similar in as many aspects as possible, for example; location, design, square footage, condition, number of bedrooms, construction quality, etc. Appraisers make adjustments based on the market for differences between your property and the comparable sales.
WHAT KIND OF THINGS DO YOU LOOK FOR WHEN YOU APPRAISE A PROPERTY?
The appraiser looks at many aspects of the property to determine value - age, overall condition, quality of construction, square footage, factors that influence marketability, such as; neighborhood, location, zoning, proximity to schools, recent sales, design, floor plan, etc.
HOW LONG DOES THE APPRAISAL PROCESS TAKE AND HOW MUCH DOES IT COST?
Please contact us for an estimated time frame and fee based on the terms of the appraisal and location of the property. Appraisal fees vary widely depending on location, type of financing and specific lender/client requirements. We are able to send your appraisal electronically to any compatible lender. This means that the appraisal arrives instantly via computer when it is complete rather than waiting for the mail to arrive.
I'M PLANNING ON SELLING MY HOME, CAN YOU TELL ME WHAT IT'S WORTH?
Yes, we often appraise homes to assist the seller with setting a price for sale on the open market. We can also offer advice to make your home sell quicker!
WHAT IS THE DIFFERENCE BETWEEN VA & FHA FINANCING?
Follow the links below for detailed information about VA or FHA. Our office is qualified to do both types of appraisals.
CAN I GET A COPY OF THE APPRAISAL THAT IS DONE ON MY PROPERTY?
If the appraisal is used for mortgage loan purposes in most cases your lender will provide you with a copy of the appraisal at closing.
DO YOU APPRAISE FARMS & COMMERCIAL PROPERTY?
We specialize in residential, acreages and multi-family appraisals only. If you call us we can refer you to someone that does those types of appraisals.