A. Once the appraiser receives the order, he/she will contact you to schedule an appointment.
Q. Why does the appraiser come inside my house, while other times they don't?
A. There are many different products available when ordering an appraisal. The Appraiser will discuss options with you and determine the best product for your purpose.
Q. How long does the inspection take?
A. Each instance is different. The appraiser must inspect ALL rooms in the home including any located in the basement or lower level. Typically, an inspection would take between 30-60 minutes. Of course, this depends on the size of the home, as well as condition and/or renovations possibly going on.
Q. What exactly is the appraiser looking for?
A. The appraiser will make a sketch of the outside and inside of the home, as well as any detached structures they feel are necessary. Notes are taken about the finish of both the interior and exterior, heating and/or cooling systems and amenities (fireplaces, appliances, etc.). The appraiser is also looking for any structural concerns, repairs or ongoing renovations.
Q. If I'm having my house appraised for a mortgage or refinance, why can't the appraiser discuss the appraisal with me?
A. Along with USPAP (Uniform Standards of Professional Appraisal Practice) Ethics Rule, Appraiser's sign contracts with lenders and financial institutions requiring us to only discuss the appraisal and/or fees with our client. Even though you are the homeowner, the appraiser is hired by the lending institution. In this respect, the lender is considered "the client" limiting the discussion and release of the report to only them. If you have a concern or questions about your appraisal, contact your loan officer.
Q. I have a Raised Ranch. Why does the Gross Living Area and Room Count only include the second floor?
A. This is one of the most common questions I get. When determining the Gross Living Area, the appraiser will typically consider any areas above grade. With a raised ranch, a portion of the first floor is usually below grade. Fannie Mae requires that if any portion of the lower level is below grade, it is considered finished basement. When you review your appraisal report, you will see that the "Above Grade Room Count" will only include the main living area while the "Basement and Finished Rooms Below Grade" will address the lower level and include any rooms and/or finish located there.
Q. I've seen something called "deferred maintenance" in an appraisal. What is that?
A. If there are items like unfinished repairs, incomplete renovations or damaged items, the appraiser will figure the "cost to cure" or estimated amount to fix or finish these items. An example could be renovating a bedroom and you still have to paint and install carpeting or you've ripped up carpeting throughout the home and hardwood floors need refinishing. This amount is then adjusted for when determining the estimate of market value.
