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What is an appraisal?

An appraisal is an unbiased professional opinion of a home's value. Appraisals are almost always used in home transactions and are common in refinance transactions.

What kind of training do appraisers go through?

Depending on the license level, appraisers need a college degree, along with 200 hours of qualifying education, and 2,500 hours of supervised training over a period of at least 2 years.

Not all appraisers are licensed or certified. It is important to make sure you are hiring a licensed or certified appraiser to ensure that they are qualified to appraise your property.

What definition of value do I need?

Appraisers are not able to counsel what definition of value a client needs. There are several different definitions of value that all have different purposes depending on the reason for the appraisal. Please speak with your accountant or attorney and ask what definition of value is best for your purposes.

Can I use my appraisal for multiple purposes?

No. Appraisal reports are single use, for a single purpose, as of a specific date. The appraisal report you get will only be valid for one specific purpose.

What is involved in the appraisal process?

The appraisal process is typically divided into 3 periods.

Firstly I will consult with you and ask some questions to determine what you need in your appraisal report. Since appraisal reports are single-use, as of a specific date, its important to make sure that it will have all the information you need for your purpose. These questions may include the type of value and effective date of the report, any names of intended users, reason for the appraisal, etc.

After this, I will do a physical inspection of your home, including taking measurements, photos of each room, and note any major updating or remodeling, as well as any areas of deferred maintenance.

After the inspection, comparable sales are selected, and the appraisal reporting process begins, including filling out the appraisal report form, making adjustments, analyzing the market, and reconciling the value of your home.

You will receive a PDF copy of the appraisal report along with commentary. I am also available after delivering the report for any questions you may have.

Why do appraisal reports cost what they do?

The total amount of time it takes to complete an appraisal report is typically 4-6 hours, depending on the complexity, but can take multiple days for more complex reports. I personally charge $650 for non-complex report. Say I spend 5 hours on the report, the hourly billable rate is $130, which is in line with other professional billable rates with similar levels of education, training, and expertise.