Frequently Asked Questions

We specialize in residential appraisals. These include single family homes, condominiums, townhomes, duplexes, triplexes, fourplexes, ranches, and vacant land zoned for residential use.

Each assignment is unique, with three distinct approaches to value: the Sales Comparison Approach (also known as the Market Approach), the Income Approach, and the Cost Approach. Among these, the Market Approach is considered the most reliable and heavily emphasized. In this approach, as Appraisers, we must identify the most comparable homes to the subject for comparison, adhering to appraisal guidelines. The Income and Cost approaches serve to provide supplementary support to the conclusions but are typically considered secondary due to the potential lack of conclusive reliability in the data.

A professional attitude, a friendly smile, and a lot of quiet. Remember, what you want is for the Appraiser to be able to focus on his/her work, so they won’t miss all relevant items affecting your home’s value. If you have made recent improvements to your home, make sure to point those out. If you take the time to jot them down on a piece of paper, along with dates and costs, this will go a long way in helping the Appraiser arrive at the best conclusions.

Depending on the size of the home the typical time is anywhere from 30 to 60 minutes. The appraisal inspection includes exterior photos of improvements on all four sides, photos of any additional amenities such as views, pools, outdoor living areas, spas, detached garages, outbuildings, and so on. Lastly, there is a walkthrough of all living areas, and photos are taken of all major rooms such as the kitchen, family room, and all bathrooms.

When the Appraiser sets up the inspection appointment, they may provide a short list of things the homeowner or other occupant can do to be ready for the inspection. These may include tasks such as unlocking a gate to the backyard, raising the garage door (since the Appraiser will measure the interior of the garage), turning on lights and/or opening window coverings (for interior photos of each room), and crating pets or positioning them where they won't run away or cause any safety issues.

During the inspection, the Appraiser is primarily observing the quality and condition of materials used in the construction of the home. It never hurts to make your home as presentable as possible. You don't need to worry about your home being “ready to show” as you would for a potential buyer but doing simple things like clearing dishes from counters and sinks, making beds, and generally picking up will help the Appraiser see what needs to be seen.

The following items, if available, will help your Appraiser to provide a more accurate appraisal in a shorter period of time:

• A survey or plot map of the property and building (if readily available).
• Any paperwork, such as a title policy with information on encroachments or easements.
• Any Homeowners Association agreements, or, if applicable, condo agreements or fees.
• A list of any major home improvements and enhancements, the amount of their purchase and date of their installation (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available).
• Most recent real estate tax bill and or legal description of the property.

The physical inspection of the home is part of the data gathering phase in the appraisal process. Appraisers measure the home and take notes on the quality of materials (upgrades/remodeling) and condition (the age of the materials). Any deferred maintenance (needed repairs) is also noted, with a focus on any health and safety issues, such as exposed wiring or an empty pool with no gate.

There is no concrete answer to how long an appraisal is good for, as different loan types vary on its validity for lending. Technically, appraisals don’t expire, but lenders may refuse to honor them if they consider the appraisal “too old.” Most appraisals will be accepted for 90 days, and many for up to six months. However, rapidly changing market conditions can reduce the time frame to as little as 30 days. The good news is that appraisals can be updated or recertified, avoiding the need for a new appraisal.

FHA appraisals are normally valid for 120 days unless certain circumstances require an extension or updating of the original appraisal. Even so, the appraisal cannot be valid for more than 240 days.

According to a statement within the Uniform Standards of Professional Appraisal Practice (USPAP), the person who engages the services of the appraiser is the client. Therefore, the completed appraisal report belongs to that person. Payment is not a determining factor in the ownership of the completed report.

Note that Lenders are required by the Equal Credit Opportunity Act to furnish a copy of the appraisal to the borrower if the borrower requests a copy in writing. To obtain a copy of the appraisal report, contact the lender directly.