Appraisal

An appraisal is a report that determines the market value of a home on a specific date. In order to obtain this value, a certified and licensed appraiser will visit the home to take many measurements, photos and view first hand the various amenities and features of the property. The actual home inspection is a relatively short process, generally 15-30 minutes, as the majority of an appraiser's efforts are consumed in the research and analysis stages.

Once an appraiser has completed the home inspection, they will explore comparable sales as well as current listings in the area. These properties will be used as a basis for determining the market value of the subject at that time. The appraiser will then make comparisons of the comparable sales and listings to determine similarities and differences between these properties and the subject. The appraiser will make additions or subtractions to the sales price of the comparison properties based upon differences such as bedroom count, bathroom count, square footage, amenities, upgrades, etc. between them and the subject. The adjustments will be totaled in order to arrive at a final determination of the value of the subject. This method of determining value is called the Market Approach.

Once the appraisal report is complete, the appraiser will e-mail the report to your processor. Your processor will then upload the appraisal into your secure account and it will be available for you to view, print or download at any time.

Most other mortgage companies will only share the results of the appraisal with you by phone. For example, do you have a copy of the appraisal from the last loan you did? Most people don't.

We believe in empowering our customers with information. An educated and informed borrower can make smarter decisions for themselves and their families and not be manipulated by a Loan Officer with a commission on the line.

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