Residential Appraisal Services
Reasons for needing an Appraisal
The fee for a full appraisal is $425 and a drive-by $325. Be aware that you are unable to use the appraisal report for lending purposes. It is required that your lender use an AMC (appraisal management company). If this be the case, contact your loan officer or mortgage broker and do not pay nor order an appraisal. They will have to do that.
If you are an AMC, we would love to provide our services to you! Please email brett at: firstname.lastname@example.org
What is an Appraisal?
Appraisal is the act or process of estimating value. An appraisal provides an answer to a clients's specific question about the value of a real property interest. The appraiser's answer is an estimate; it does not establish value of real estate. An appraisal is one person's opinion based on research in the appropriate market, the assemblage of pertinent data, and the application of appropriate analytical techniques.
Types of Appraisals
Depending on what your need is will determine the type of appraisal performed. Talk with your loan officer, representative or appraiser about the type of appraisal report needed. Appraisal reports can vary according to the need. Typical reports are: 1004 (full report), drive by, and field reviews to name a few (you can see these at the Forms Menu). Appraisers follow Uniform Standards of Professional Practice or USPAP. This ensures that the appraiser is following guidelines and does the report in a proper manner. Due to regulation in the lending industry, do not contact an appraiser for mortgage purposes. You need to go through the lender first. An appraiser will then be assigned through the proper channels.
The Appraisal Process
If an appraisal is needed, contact the appraiser. This can be done by phone, fax, or email. At this time the appraiser will ask what your needs are and help determine the type of report needed. Should an interior inspection be required, an appointment will be set to walk through your property and gather the necessary data. The exterior of the home will need to be measured with photos taken of the property. At the time of the inspection, the appraiser is unable to determine a value. Certain processes and guidelines must be followed later at the appraisers office. The appraiser assembles pertinent data, applies appropriate techniques, and puts the conclusion in a report form. This process generally takes 24 to 48 hours from the time of the inspection.
Depending on the type of report desired, fees can range from $125.00 for a typical inspection to $450.00 for a full residential appraisal report. Certain drive by reports may not require an interior inspection, hence, the fee would be lower. Other larger homes/improvements may also require a fee adjustment due to the appraiser having to spend more time in measuring. Additional forms or income reports may also require a fee increase. Appraisal Management Companies and Lenders may also have a discount depending on the amount of business provided to the appraiser.
Software and Reports
Digitized reports can be printed or they can be transmitted via the internet to clients, with the appraiser using Wintotal, XML, ENV/AI and PDF software.. If needed to be printed, reports can be picked up from our office or dropped off for a minimal fee.