FAQs
1. What is an appraisal?
A real estate appraisal is an unbiased, professional
estimate of the fair market value of a particular
property at a particular time, as made by an appraiser.
The appraisal represents the fair market price a
potential buyer would pay for the property in a
competitive open market.
2. What is involved in an appraisal?
Appraisers follow federally accepted guidelines,
which govern the ethical and legal aspects of the
appraisal reporting process. These guidelines are
known as USPAP (Uniform Standards of Professional
Appraisal Practice). Several items considered are:
location of property, age, quality of construction,
type of construction (wood, brick, etc.) as well
as obvious items such as privacy and views. Then
the appraiser determines the “highest and
best use” of the property.
· A couple mortgage guidelines for a home
appraisal are:
· Locating sales within six months of the
“as of date” of the inspection (if available)
and
· Locating sales within one mile of the subject
property (if available)
· The sales information used is data collected
and made available by two primary sources:
· County registrar of deeds ( city hall)
and
· Realtors (multi-list services)
Using this sales approach (or market data approach)
for establishing the appraiser’s opinion of
value, for the property, is the most typical and
most recognized approach today in our local real
estate residential market.
3. What is your average turn-around-time?
Although there are often exceptions to the rule,
if the appraiser does not experience any difficulties,
(for example, limited sales in your area, resource
information unavailable) our appraisers average
a 3-5-business day turn-around-time after the date
of inspection, for standard appraisal reports. For
faster service, we have the option of servicing
a 2-day turnaround for an additional $100.00 fee
in most areas.
4. How do I pay for my appraisal?
There are a variety of different methods in which
we receive payments.
· Option 1: C.O.D.
With a C.O.D payment the appraiser will collect
the fee at the time of inspection from the homeowner.
· Option 2: Pay by credit card
For your convenience we accept Visa, MasterCard,
American Express and Discover cards with an additional
$10 processing fee.
· Option 3: Bill payment method
All invoices are due within 30 days from invoice
date.
5. When the appraisal is completed who
has ownership of the report?
According to the statement within the USPAP, (Uniform
Standards of Professional Appraisal Practice) on
Appraisal Standards No. 9 (SMT-9), the person who
engages the appraiser’s services are the client.
The determining factor is not who pays for the appraisal,
or how it is paid, but who contacted the appraiser
in the first place and placed the appraisal order.
This person is the client. In many, if not most
cases, the homeowner pays for the appraisal either
directly to the appraiser or indirectly through
the lender, thus payment for services is not a determining
factor. For example, an appraiser is contacted by
a lender and asked to appraise a property for loan
purposes and the homeowner pays the appraisal fee
directly to the appraiser at the door on the date
of inspection, it is the lender who is the client,
not the homeowner and the appraiser cannot give
a copy of the report to anyone without the lenders
consent.
Lenders are required by Federal Law (the Equal Credit
Opportunity Act) to furnish a copy of the appraisal
to the borrower, if the borrower requests a copy
in writing. In the above example, if the homeowner
wants a copy of the appraisal, they need to contact
the lender directly. The use of the appraisal is
for only the use of the client, and no other third
party involved.
6. What is an FHA appraisal?
An FHA appraisal is a government loan, which has
specific guidelines that must be met per HUD. Because
of stricter guidelines repairs may be required.
7. How will my appraisal report be delivered
to me?
There are several options for receiving your appraisal:
· Option 1: Electronically
We are fully able to email your report to you for
the speediest delivery. The appraisal report will
be sent to you via PDF format. Your company must
have the ADOBE reader in order to read the appraisal.
You may download the ADOBE software, free of charge,
from our website if you do not all ready have this
option in your system. Just click on the web link,
located on this website under company info, and
follow the instructions. All you need is an e-mail
address, ADOBE reader and a color printer and you
have the original appraisal in your hands. It’s
that easy.
· Option 2: Overnight delivery.
If you provide us with your overnight account number,
we will make sure you receive your appraisal by
the following day of completion of the report. If
you do not have an overnight account number, we
charge an additional $25 fee.
· Option 3: Regular mail.
8) Does your company provide pre-comps?
Per USPAP (Uniform Standards of Professional Appraisal
Practice) guidelines, we are unable to provide pre-comps.
If we did, that would be considered an appraisal.
Without inspecting the condition of the subject
involved, we are unable to determine if the estimated
value that may be provided is fair and true to the
market.
9) Are your signatures on the appraisal
report originals from the appraiser?
Yes. All appraisal reports are electronically signed,
and are considered the original signature of the
appraiser.
10) How much are your appraisal fees?
The appraisal fees vary by county. Some areas have
very limited resources, and comparable sales; therefore,
the prices vary due to difficulty of the appraisal.
Our fee schedule is available on this website,
for each county we cover.
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