Appraisal 101
A common question is what is the general process of an appraisal? For your convenience, below is a list of the common steps involved in a residential appraisal.
The Process of an Appraisal
*Appraiser visits the property for a visual inspection. Someone of legal age must be home to let the Appraiser have access to the interior of the property
*Appraiser will take photos of the exterior and interior of every room in the home
*Appraiser will measure the exterior foot print of the dwelling
*A sketch of the interior of the dwelling will be completed
*Appraiser may ask basic questions about the features within the home or age of components or systems and renovation work.
*Inspection of basement area and finishing if one is present
*Appraiser will make note of views and location appeal
*A gathering of sales data from the Multiple Listing Services and Tax Assessor’s records will occur to compare with your home.
*An Appraisal Report will be completed and sent to the financial institution within seven business days