Saturday, April 27, 2019 / by Connie Tracy
Generally, a certified residential appraiser needs about six to eight hours to finish an entire appraisal. They start by researching the home. They look at the location... is it on a busy street or not and tax records. After that, they book the appointment and visit the house.
An appraisal home visit will take about an hour... for the most part. Sometimes, they may not need that much time if they are familiar with the area. The appraiser comes in and measures the square footage of the interior of the house, minus the garage or any space that isn't permitted. They make sure that the reported square footage is the same as the actual footage.
There are three important factors of the appraisal:
* the square footage of the home
* any home upgrades or renovations
* comparables (homes similar in size, age, condition, and location to the home that have sold within the past six months to a year)
THIS IS WHY IT IS IMPORTANT TO GET COMPS FROM AN REALTOR
The idea is that home sales similar to the appraised home can help assess whether the contract price is in line with the local market.
The appraiser will take pictures of the bedrooms, the kitchen and other rooms, and also takes notes. They will look for upgrades, such as newer cabinets, flooring, and renovations. Those things have value. Homes with upgrades are usually worth more than homes without those upgrades.
Once the visit is complete, the appraiser will usually drive around the neighborhood and check out the comparables. If there aren't enough comps in the area, they will increase their area to find more comps. Generally, they look at three to nine of them.
The report is submitted to the lender two to three days after the appointment.
Sellers are ALWAYS welcome to stay during the visit. It is a great time to get some questions answered about your home.
So who pays for the appraisal?
The buyer typically pays for the appraisal. The fees range from $250-500 depending on the size of your home.