The Appraisal Process
FAQs
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What is an appraisal?
An appraisal determines a range of value for your home based on multiple factors such as market analysis, an appraisal property inspection, and comparable sales in your market area.
An appraisal is different from a home inspection. While I am considering the general functionality of the structure and utilities, I’m not doing a detailed assessment of the infrastructure. I will assess for safety and sound structure, especially for loans with specific standards like USDA or FHA.
Though I do research the deed and other town records, this is not a detailed title search. A title lawyer is necessary if you are in need of these services.
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Why do you need an appraisal?
In most cases, banks & mortgage lenders order an appraisal in order to determine the value of the property. This mitigates their risk in the amount they are lending for purchase or refinance.
In some cases, homeowners & estate managers may need an appraisal for private uses, such as determining a fair market price for selling your home, handling a loved-one’s estate or other legal proceedings. In which case, I can be hired directly to help homeowners gain the clarity they need to make sound decisions.
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How is an appraisal conducted?
When I arrive for your appraisal inspection, I’ll need to take measurements of the structure(s) on your property to verify the dimensions and create a basic floor plan. Keeping an accurate record is an important step in the process as square footage is a commonly-used indicator of value.
Other factors for inspection include age, condition, and any upgrades & updates to the property. I’ll be taking pictures of the exterior & interior of the property to include visual documentation in the appraisal report. You can see a sample report below.
It’s best to allow a two-hour window to complete the appraisal inspection. A typical inspection can be completed in about an hour.
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How long will it take?
Private appraisal inspections can typically be scheduled within one to two weeks. NVT strives for fast turnarounds because we understand that timing is everything in real estate transactions. If we are scheduling through your mortgage lender or bank, the time-frame is determined by their order of the appraisal.
After the appraisal appointment, allow an additional week for the report to be processed. During that time, I’ll be conducting market research & documenting comparable properties to complete your appraisal report.
If the appraisal was ordered by your bank or mortgage lender, they will receive the report. If you’d like a copy, you’ll need to request it from them.
If you are hiring me privately, you’ll receive a secure electronic copy of your appraisal report. A paper copy can be mailed, with tracking, for an additional cost.
We Serve the Following Counties:
Lamoille, Orleans, Washington, most of Caledonia, & parts of Franklin, Chittenden & Orange Counties. Note that we do not serve areas south of Warren, VT or the state of New Hampshire.
Sample Appraisal Report
Please note that these pages depict a condensed version of an appraisal report pictured for educational & informational purposes only.
This page of your report includes property identifiers, specific attributes, market data and a general description of the property.
This page is a grid showing the comparable sales in your market area and the analysis of them alongside your property.
This page is a basic floor plan created from the dimensions measured during the appraisal inspection.
This page includes photos (shown here as drawings) to document the interior and exterior of the property.
This page of your report is a narrative description of final reconciliation of value based on the inspection, research, & market analysis.