How Does a Home Appraisal Work?
First we will have a conversation to determine the scope and purpose of the appraisal
There are many different uses and types of appraisals. So if we can design a product for you that suits your needs, while still meeting my Standards of Practice requirements, that could save us time on completing the appraisal and thus save you money.
In fact, frequently we know other ways to accomplish the needs of a prospective client that don’t involve using our services. In which case we care more about our reputation than we do about any individual order, and will send you on to a different solution.
We draw up a contract
After we agree on what services we will provide, and when we will have our report finished, we will draw up a short contract for our services. In the appraisal world, this is called a “Letter of Engagement.”
We schedule the on-site property appraisal inspection
We will measure, ask questions, take pictures and notes, and get a feel for the condition and quality of your home. This part takes anywhere from 20 minutes on a relatively standard small home to over an hour on something more complex. But for us, that is when the work has just begun, because after the appraisal inspection, we will look at relevant comparable properties in your neighborhood, both sales and listings.
Then it is back to the office where we confirm our data, start our analysis, and begin preparation of the report
Our goal is to always meet the timeline we have set with you in our Letter of Engagement.