Frequently asked questions

What is an appraisal?

An appraisal is the act or process of developing an opinion of value. (The Dictionary of Real Estate Appraisal, 6th Ed.) The opinion of value is not an estimate; it is supported and carefully documented by a qualified appraiser. Appraisals always need to be unbiased. If a person who has a bias provides an opinion of value, it is not an appraisal.

What does a real estate appraiser do?

The real estate appraiser is an educated and certified professional with a vast knowledge of real estate markets that develops an opinion of value based on data. This opinion is communicated via an appraisal report that is transmitted after the appraisal is performed.

How long does it takes to do a residential appraisal?

Residential property appraisals are mostly done in three to five days. The appraisal inspection of the property usually takes less than an hour. Some properties are more complex and will require additional appraisal inspection and delivery time. If you require a faster or "rush" appraisal; contact us, we are here to help.

What is the difference between an appraisal inspection and a home inspection?

A home inspection and an appraisal inspection are two separate processes that serve different purposes in the home buying or selling process.

A home inspection is a thorough examination of a property's condition, typically conducted by a licensed home inspector. The inspector evaluates the property's major systems, including the roof, plumbing, electrical, HVAC, insulation, and foundation, to identify any potential defects, needed repairs, or safety hazards. The goal of a home inspection is to provide the buyer with a detailed report on the property's condition, helping them make an informed decision about the purchase.

An appraisal inspection, on the other hand, is an evaluation of a property's value, typically conducted by a licensed or certified appraiser. The appraiser assesses the property's value by analyzing various factors, including its size, location, age, condition, and comparable sales data. The goal of an appraisal inspection is to determine the property's market value, which is usually required by lenders to ensure that the loan amount is not exceeded.

What is market value?

It is the value of the property on the market. For residential appraisals, it is the most commonly sought opinion of value. There are various technical definitions of market value; however, the most widely used in the context of real estate will take into account the most probable price that a willing buyer would pay for the property, and a willing seller would accept, assuming that both parties have a reasonable knowledge of the property's condition and all other conditions necessary requisite for a fair sale in a competitive market as of an specific date.