Most banks or lenders require an appraisal for a loan because the house is considered collateral for a loan.
Besides home loans, what other reasons is there to get an appraisal?
There are too many reasons to list, but I will list a few. For example, establish an estate value after a death; to determine an appropriate listing price; remove PMI; file an insurance claim; process a bankruptcy; financial planning; to establish a family trust; or to value an addition. But there are many more. So if you have a specific situation you would like to discuss, please contact me.
What is involved in an appraisal?
Onsite at the property, an appraiser will take photos, measure, and inspects the property. After leaving the property, an appraiser will analyze market data to ultimately determine an estimate of value for the property.
Can I get a historical appraisal for my property?
Yes, most Estate Appraisals are done historically. That is to say, an appraiser can look at the market data for prior periods of time to estimate a property's value at that point.
Are appraisers licensed or certified?
Regulations regarding licensing and certification of Real Estate Appraisers vary from state to state. However, licensing and certification typically requires many hours of coursework, tests, and practical experience. In addition, once an appraiser is licensed, they must take continuing education courses to keep the license current. See my license here.
Will I get a copy of the appraisal?
Your agent, bank, or lender will usually give you a copy of the appraisal report. However, if I worked on your appraisal and you don't get a copy from your team, please contact me, and I can forward the report.
How long does it take for the appraisal report to be done?
Usually, it takes about a week, but most appraisers can accommodate a rush situation.
Does the appraiser have to go inside the property?
Usually, an appraiser will need to walk the property to take photos and measurements. However, in rare cases, a drive-by or desktop appraisal will suffice, but that is up to the lender.
Do I need my house clean for the appraisal inspection?
No, the property is viewed as if it is empty with nothing in it. This means that the appraiser looks at the property, not the stuff in it.
How much does an appraisal cost?
That varies depending on the lender, agent, bank, appraiser, and the property. Generally, in Southern California, an appraisal can cost between $350 and $750.