Most Asked Questions

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What is the difference between an Appraisal and a Home Inspection?

An appraisal is a valuation based on current sales analysis conducted by a certified appraiser whereas an home inspection is a physical inspection of a subject property by a building inspector to determine if there are any deferred maintenance issues or other related items such as electrical, plumbing, structural problems, etc. A building inspection could include cost estimates for repairs however should not mention a value of any kind.


What is the difference between a Realtor’s valuation (CMA) and an Appraiser’s?

An appraisal is a valuation based on current sales analysis conducted by a certified appraiser whereas an home inspection is a physical inspection of a subject property by a building inspector to determine if there are any deferred maintenance issues or other related items such as electrical, plumbing, structural problems, etc. A building inspection could include cost estimates for repairs however should not mention a value of any kind.


 

How long does an Appraisal take?

Depending on the size and complexity of the property, time requirements are based on the type of property being appraised. For example , a standard single family bungalow of 1200 sf with a full basement on a standard lot would require an inspection time of 30-45 minutes with the appraiser viewing the exterior and interior of the house including the basement along with asking the homeowner relevant questions. The next step once the inspection is complete is for the appraiser to return to the office to type the report and complete his analysis, this could take from 2-4 hours unless the analysis is difficult or the property has additional issues that require more explanation. Once the report is complete the appraiser normally uploads the report via email once it is complete.


 

Which home renovations add most to the value?

Overall , the renovations that add the most value or give the best return on your investment are Kitchens, bathrooms and additions that provide additional space to the LFA .  Some improvements such as necessary repairs to older windows, siding and other exterior maintenance also add value especially from a marketing position.


 

Do I get a copy of the report? Who owns an appraisal? “But, wait a minute, I paid for the appraisal.  And now you’re saying you can’t even tell me what the final  figure is?”

If you are the client who ordered the appraisal then yes you would get a copy of the report. However if the report was ordered through a lender or AMC on your behalf then you are not entitled to a copy of the report as the lender is our client even though you the homeowner may have paid for the appraisal. The lender has set strict confidentiality rules that do not allow the appraiser to discuss the value with the homeowner or give our copies of the report.


 

How long is an appraisal good for?

This depends on the type of market the subject property is in ( stable, increasing, decreasing) and the lender also sets guidelines to how long an appraisal can be relied upon. The range for lenders can be 3-6 months.  In a stable market , a current market appraisal can be relied upon for  up to 12 months based on market conditions.