Frequently Asked Questions
WHAT IS A REAL ESTATE APPRAISAL?
A real estate appraisal is completed by a licensed or certified appraiser. Real estate appraisers are trained experts who analyze real property to determine the fair market value. Appraisers may use several valuation approaches to conclude a value.
The primary approach used is the sales comparison approach. Appraisers analyze the major defining features of the property, and compare them to recently sold properties and currently listed properties. Then the appraiser makes monetary adjustments to compensate for perceived differences between the subject property and the comparable sales to establish an indicated value range. The appraiser reconciles this information with a weighted analysis of the properties that are most similar to the subject property.
Appraisals can be used for many purposes, however, the primary reason for an appraisal is for asset valuation for a mortgage-related transaction.
HOW LONG WILL THE APPRAISAL INSPECTION TAKE?
The appraisal inspection ranges in time-based upon the complexity of the property being appraised. The appraiser must complete an exterior and interior inspection of all buildings on the property.
The appraiser will walk the perimeter of the home and outbuildings, taking measurements and photos.
Then, the appraiser will walk through your home while taking notes and photos. The appraiser must access all rooms and outbuildings on the site. If there are areas of the home that are not accessible, the appraiser must make a return visit for an additional trip fee.
Most inspections range from 30 minutes to an hour.
WHEN WILL THE APPRAISAL REPORT BE COMPLETED?
Most reports are completed within 2 business days of the inspection. However, markets fluctuate, and it may take longer to complete your report depending on the current workload, and how complex the assignment is. Appraisers must provide quality reports regardless of how long the process takes.
WILL THE COUNTY ASSESSOR SEE YOUR REPORT?
No. We only provide our reports to your lender through the order management chain. Due to the recent financial reforms, appraisers often interact with a third party order placement service called an Appraiser Management Company (AMC). We deliver the completed report to the AMC and they deliver it directly to the lender. Our confidentiality agreements prohibit us from delivering the report to any other party, including the homeowner, or borrower.
WHAT DATA SOURCES ARE USED FOR THE APPRAISAL?
The primary data sources used are the local Multiple Listing Service (MLS) and county tax records. Other secondary sources may be used.
CAN I SPEAK WITH THE APPRAISER AFTER THE APPRAISAL IS COMPLETE?
Generally, no. This is prohibited by our confidentiality agreement between South Puget Sound Appraisal and the lender. If the appraisal is for a non-lending reason then the appraiser may be consulted after report delivery.
WHAT DO I DO IF SOMETHING IS INCORRECT ON THE REPORT, OR I DISAGREE WITH THE VALUE?
If you disagree with the value estimation of the appraiser, or if you believe something is incorrect, your only option is to submit the information to the lender for reconsideration. Please do not call our offices or email this directly to us. We cannot analyze any information that is not provided to us from the lender.