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Property Appraisals

Property Appraisals FAQs

Q: Why would someone need a property appraisal?
A: There are numerous reasons why a person would acquire getting an appraisal on property. One of the most common reasons for obtaining a property appraisal is pertaining to mortgage and real estate transactions.

Q: Is there a difference between a property appraisal and a home inspection?
A: Yes, there is. An appraiser does not inspect and evaluate for mechanical and internal structural of the home. The primary role of an appraiser is to offer an expert opinion, on the estimated market value of the property.

Q: How is the “market value” determined?
A: The market value of property is determined by analyzing the potential of your property earning income, the cost to reproduce the property and depending on the sales of the similar properties in the area.

Q: Am I able to get a copy of the appraisal report conducted on my property?
A: Yes, upon written request, a lender is required to provide you with a copy of the appraisal report of your property, protected Under the Equal Credit Opportunity Act.

Q: Why does the appraised value of my home change every year?
A: Many factors can change the appraised value of your home on a year-to-year basis. Whenever the market value changes, the appraised value of your property will also feel the effects. Sometimes the result can be positive or negative. Not only do improvements or suffering damage to your property affect its market value, but this also includes the entire economy within the surrounding community. Each can have significant effect on your property-appraised value.

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