Frequently Asked Questions
What is an Appraisal?
An appraisal is an unbiased and defensible estimate of market value. It is the most probable price an informed buyer would be willing to pay for a particular property as of a particular date.
What should I expect when the appraiser arrives?
Once our appraiser arrives at your property, he will do a thorough interior and exterior inspection. The inspection will include a sketch which is used to calculate square footage and convey room layout which can affect the value of the property. He will look at quality, condition and amenities including any finished basement area as well as the mechanical systems. Photographs will be taken and measurements made of any areas which are not possible or practical to obtain from the exterior.
The exterior inspection will include additional photographs and measurements of the perimeter of the dwelling, garages, decks, patios, sheds, etc. The entire process at the property will usually take between 30-60 minutes, although large complex properties will take longer.
Once the appraiser leaves your property he will physically drive by a number of recent closed sales for possible use in your appraisal. Finally, he will take all of the information back to our office where we fully research both your property and the comparable sales including location, assessors and other municipal records, MLS data, flood locus and a brief examination of the deed. The appraisal will take about 2-5 days to complete.
Will my appraised value be about the same as I see on Zillow?
It is possible, but you certainly should not count on it. Values posted on sites such as Zillow, Realtor.Com, Redfin, etc. use AVM's or Automated Valuation Models. These are computer generated valuations based on recent sales in your neighborhood. While they are amazing tools, they have a number of shortcomings. One problem is that they often have very little information on the physical condition and level of updating of your home. Do you have a new kitchen and hardwood flooring or is there still a 1970's kitchen and shag carpeting? In may cases, they just don't know. There are many other issues such as proximity to both favorable and unfavorable influences in your neighborhood such as parks, schools, commercial buildings and busy roads which are often not accounted for. Therefore, where they may fine as a general guideline, they should not be relied on.
What is the difference between an Appraisal and a Home Inspection?
As previously noted, an Appraisal is an unbiased and defensible estimate of the market value of the property. They are used for a variety of purposes such as mortgages and home equity lines of credit, estate and divorce settlements and valuations for private sales.
A Home Inspection is a top to bottom visual examination of the home's major structure, systems and components that are visible and safely accessible. The inspection will include an evaluation of the property's heating and A/C systems, plumbing and electrical systems, roof, attic and accessible insulation, walls, ceilings, floors, windows and doors and foundation and basement.