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Helpful Information About Real Estate Appraisals

Understanding Appraisals

What is a Real Estate Appraisal?

A real estate appraisal is an unbiased professional opinion of a property's value, conducted by a licensed or certified appraiser. The appraiser analyzes the property's condition, location, comparable sales, and market conditions to determine its fair market value.

Why Do You Need an Appraisal?

Appraisals are required for mortgage lending, refinancing, estate planning, divorce proceedings, tax appeals, and many other legal and financial transactions. They provide an objective valuation that protects all parties involved.

How the Appraisal Process Works

The process begins with scheduling an inspection. The appraiser visits the property to assess its condition, take measurements, and photographs. Then, they research comparable sales and market data to determine value. Finally, a comprehensive report is prepared following USPAP standards.

What Affects Property Value?

Property value is influenced by location, size, condition, age, recent improvements, market conditions, comparable sales, neighborhood characteristics, and property type. The appraiser considers all these factors in their analysis.

Appraisal Types

Purchase Appraisals

Required for mortgage financing when buying a property.

Refinance Appraisals

Needed when refinancing an existing mortgage.

Estate Appraisals

For estate planning, probate, and inheritance purposes.

Divorce Appraisals

Unbiased valuations for equitable property distribution.

Tax Appeal Appraisals

To challenge property tax assessments and reduce taxes.

Litigation Support

Expert valuations and testimony for legal proceedings.

Preparing for Your Appraisal

What to Have Ready

Property access for the inspector
List of recent improvements and renovations
Property tax information
Survey or plot plan (if available)
Homeowners association information (for condos/co-ops)
Rental income documentation (for investment properties)
Any relevant permits or certificates

Frequently Asked Questions

How long does an appraisal take?

What are the costs?

What documents do I need?

How is value determined?

What's included in the report?

How long is an appraisal valid?

What if I disagree with the value?

Do you offer rush services?

Have More Questions?

Our team is here to help. Contact us for personalized assistance with your appraisal needs.