What is an appraisal, who needs to have one done and why? Understanding
the appraisal process is to your benefit and the long-term health
of your investment.
What Is an Appraisal
A point for point discussion on appraisals and appraisers. Knowledge
is the key to good investing. Know how to assess your appraisal once
it has been done.
When to Order an Appraisal
At what point during the home buying process will you need to have
an appraisal done? Who else involved may request an appraisal and
why. Are you allowed to see the lenders appraisal?
How to Prepare for
A list of easy steps to assure an accurate appraisal and how you
can facilitate the process. Proper preparation can save you valuable
time and money. Know what to expect.
Here you will find some typical ways of going about the appraisal
process. Some appraisals are simply to verify or assess the general
appearance of a property and others involve very specific and in-depth
investigation of several mitigating factors. Know the differences.
Accuracy of Appraisals
It is extremely import to get an accurate appraisal. The more information
that can be collected the better the appraisal. Further, there is
a certain amount of liability when submitting appraisals.
Your Home's Market Value
Appraisals help to set the fair market value of a property. Know
the difference between an appraisal and an opinion, and how both influence
the process of setting loan terms and interest rates.
What Can Affect
the Value of Your Home?
A home is not only valued on the cost of the land and structure.
The neighborhood, supply and demand, and the comparative value of
the other properties in the vicinity are just three other factors
that will have a distinct influence on the value of your home. Learn
There are pitfalls to not getting an honest and ethical appraisal. "Do Not Hedge Your Bets" or put yourself, or your investment
in jeopardy. Understand why you should only pay a flat rate for an
Glossary of Appraisal Terms
Our quick reference guide to appraisal terms. Knowing what everyone
will be talking about during the appraisal process is important. Knowing
these simple terms can give you the confidence you will need when
interviewing a prospective appraiser.