The Appraisal Process

The appraisal process for most typical homes is a three-step process.

Inspection/observation, research, and completion. The finished product is typically an encrypted, multi-paged document. This product is delivered via email and/or mailed approximately two to three business days after inspection/observation. If an appraisal is needed sooner, please contact to discuss potential rush accommodations for an additional fee.

The Appraisal Process Steps

The Inspection/Observation is Where it All Begins

The first step is to inspect the property to determine its status. The appraiser must visualize these features firsthand, such as the number of bedrooms and bathrooms, the location, features, and amenities, to ensure they truly are present and assess the homes condition and quality in comparison to the similar homes in the property’s area. The inspection often includes a sketch of the house, ensuring the square footage is proper and conveying the layout of the property. Most importantly, we will look for any obvious features such as recent updating, defects, or renovations – that would potentially affect the marketability of said the property.

Matched Pairs Analysiss

Appraisers get to know the neighborhoods in which they appraise. Most of the appraisals we complete are based on what homes in the property’s’ area have sold for. We research recent closed, verifiable transactions and current listings/pendings near the subject and find properties which are ‘comparable’ to the home in question, the subject. By assigning a dollar value and/or percentage adjustment to certain items such as condition, quality, bedrooms, bathrooms, views, dockage, garages, lot size, favorable or unfavorable location appeal, pools, decks, patios, or porches, we adjust the comparable properties so that they are more accurately in line with the features of subject property.
  • For example, if the comparable property has a pool and the subject doesn’t, the appraiser may subtract the value of pool from the sales price of the comparable home. This “adjustment” is abstracted from the subject’s market.
  • If the subject property has an extra half-bathroom and the comparable does not, the appraiser might add a dollar amount or percentage to the comparable property.
After all differences have been accounted for, the appraiser reconciles the adjusted sales prices of all the comparables and then derives an opinion of what the subject could sell for and/or what is market value is.

Completion of the Appraisal

The appraisal report itself is the visual evidence of the opinion of value and support of the research that has been completed. Our Appraisal reports are all inclusive including a comparative market analysis detailing the possible comparables that existed as of the effective date of the appraisal report, the search parameters of the possible comparables, and an explanation of current market conditions specific to each subject property.

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