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What is in an Appraiser Inspection?

By: Locateappraisers

A real estate appraiser inspection is one of the first things that need to be done when you get ready to buy a home. When you learn the value of the home and property, you can establish a good price as well as the market value compared to the rest of the neighborhood. If you’re new to the process, though, is that it can be helpful to find out exactly what happens during an appraisal so you know your role and what will happen on an appraisal day.

Getting An Appraiser

If you are a home buyer, you won’t be the one calling the appraiser and getting them to come out to the property. The mortgage lender has this responsibility. The mortgage company will get an appraiser to help determine the value of a home so the lender can create the best contract based on value. If you want to get your own independent appraiser to check on the values, you can do so, though not very many people do. Appraisers can be found both as stand-alone businesses and through appraisal companies.

Length of the Appraisal

Considering its important to the home buying process, the appraiser inspection doesn’t really take long, just about five or fifteen minutes, depending on how large the home or property is. But the appraiser also does a lot of work at their office. When they leave the home, the appraiser will start working on a packet of information, which will include the values of the other properties in the area. The appraiser will check to see which homes in the area had been sold and for how much. This information gets added to a report which usually takes four hours to put together and is about 10 pages long. This is given to the lender.

The Difference With an Inspection

The real estate appraisal is only about the value of the home, based on its square footage as measured from outside the home. The systems inside the house aren’t inspected. Rooms can looked at to see how big it is and what may or may not impact the value of the home. An inspection is different, with a different appointment, that looks at the safety of the property and the home instead of the value.

What’s the Consumer’s Role?

As a consumer, you don’t have to do much during the appraiser inspection, unless you want to point out the appraiser parts of the home that may not be otherwise apparent. Many of the physical changes should be noticed by the appraiser, but you can point them out just to be sure (especially if you are selling the home).

The entire appraisal process is easy and nothing to fear. Use it as a time to find out the true value of a property and get going on the home purchase road.

Article Source: Main Articles

This article is provided by LocateAppraisers.com (www.locateappraisers.com), an appraisal directory site that connects lenders and appraisers. Whether you're looking for a New Mexico real estate appraiser, a Florida real estate appraiser, or a Washington real estate appraiser, the great tools at LocateAppraisers.com include everything .

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