How long will it take to do the appraisal?
A typical residential appraisal inspection takes about 1 hour. A commercial inspection takes 1-2 hours, depending on the size of the facility. However, the physical inspection is only part of the total process. Most of the time spent is on research and writing up the report.
Who gets a copy of the appraisal?
The client. This is typically a bank or mortgage company for residential properties. Most commercial appraisals are also performed at the request of a lender. Even though a lender's customer may pay for the appraisal, only the client (or their assigns) receives a copy from the appraiser and is then the owner of the report. A lender will typically forward a copy of the report to their client at or before closing.
An appraisal performed for an individual (or company) is their property and may be used at their discretion. However, banking regulations require the lender to be in charge of the ordering process for any appraisal that will be used for lending purposes
Why is my appraised value too low, or too high, or different from the county appraisal district?
A typical residential appraisal inspection takes about 1 hour. Arriving at an opinion of value for a property involves several factors, including visual inspection of the property, research of public records, research and application of area sales data, and the experience and trained judgment of the appraiser. Any information provided by a property owner or client is appreciated and will be considered. County appraisal districts perform large volumes of property appraisals and therefore must make some broad assumptions based on market data. Appraisal districts will typically not be aware of any above-average or below-average condition of a property, particularly the interior. The best indicator of market value for any property is a recent, open market sale of a property with similar features. This method of valuation, called the sales comparison method, increases in accuracy with more and more data. Rural areas often have very limited sales data for comparison.
HOME | WHAT IS AN APPRAISAL? | REQUEST AN APPRAISAL | CONTACT US | FAQ