Can an appraiser simply readdress an appraisal undetaken for one client for another Client?
Can I get a copy of an appraisal a lender ordered on my home?
What does an appraiser look for?
Appraiser vs. engineer or inspector?
Where does the appraiser get his/her information to complete the report?
How long does an appraisal take?
Do you do Comp Searches?
What qualifies someone to be a Real Estate Appraiser?
Can an appraiser simply readdress an appraisal undetaken for one client for another Client?
The short answer is no. Copy and paste this link for an indepth explanation as to why.
http://commerce.appraisalfoundation.org/html/2006%20USPAP/ao26.htm
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Can I get a copy of an appraisal a lender ordered on my home?
Under the Equal Credit Opportunity Act, your lender must provide you with a copy of the appraisal report upon your written request. Due to confidentiality agreements, the appraiser is prohibited from releasing the appraisal to the borrower. If you are dissatisfied with any information contained in your appraisal report, you should contact your lender immediately.
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What does an appraiser look for?
Typically, an appraiser needs to document the condition of the property, both inside and out, from the layout and features to degree of modernization including any updates as well as the overall quality of construction. This information will help to assist the appraiser throughout the valuation and comparison process.
The appraiser estimates the square footage (GLA - gross living area), by measuring the exterior of the home. Non-living areas, such as garages or covered porches, aren't included in GLA, but are accounted for and considered in value seperately.
The appraiser will generally consider only permanent fixtures and real property. Because many above-ground swimming pools and small sheds are not permanent structures, they typically usually aren't included in the valuation. Depending on the specific installation process and local custom, however, an above ground pool or small shed might be considered part of the real property.
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Appraiser vs. engineer or inspector?
The appraiser is not a whole house inspector, engineer, architect, electrician, plumber, H.V.A.C. technician or contractor. The appraiser briefly walks through the house to get an idea of the general condition and room count. An appraisal is not a guarantee of condition. The appraiser will ask about any visible problems and those which may not be visible, and will do his/her best to gauge any impact on value attributable to those problems. You are encouraged to seek the advice of experts if you have any questions about the structural or mechanical aspects
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Where does the appraiser get his/her information to complete the report?
The appraiser gets his or her information from a wide variety of sources, including the local Multiple Listing Service, local tax assessors records, local real estate professionals, county courthouse records, private public record data vendors, interviews with sellers and buyers, appraisal data co-operatives and his or her own personal knowledge or office files from previous appraisals. The quality and reliability of each piece of information is considered by the appraiser.
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How long does an appraisal take?
The physical inspection of the real property being appraised can take from approximately fifteen minutes to several hours, depending upon the size and comlexity involved.
After the initial inspection of the property the appraiser spends time touring through the neighborhood or area. The purpose of this tour is to search for comparable sales (other properties that are similar to the property being appraised) that have sold within the last six months to a year or so. When the field work is finished, the appraiser completes the report at his office. The report can consist of a short form report (typically under ten pages) to a long narrative report which can sometimes exceed a hundred pages. A short form report usually takes between three to six hours to complete. A narrative report can take weeks or sometimes even months, depending upon the complexity of the assignment.
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Do you do Comp Searches?
To an extent. It is against USPAP regulations to give an opinion of value without completing the appraisal process. It is also not possible to give an accurate opinion of value without personally viewing the property. Many factors are taken into value consideration including: size, age, condition, location, site factors, quality, as well as functional, physical or locational obsolesence. Before visiting the property, we cannot determine if there will be any factors that may negatively impact the value (such as a busy street location) or positive factors (such as a mountain view or new remodel). Therefore we cannot determine a value simply knowing the basic characteristics of the home.
We can however, obtain information about the characteristics of a property and pull listings and sales of properties of similar size and age in the surrounding neighborhood. Keep in mind, we always pull information from active, pending and closed sales before conducting an inspection.
Please remember that we cannot take on an assignment under the condition of reaching a certain value and are unable to promise a specific value.
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What qualifies someone to be a Real Estate Appraiser?
Many states require all real estate appraisers to be, at a minimum, state licensed or state certified and have fulfilled rigorous education and experience requirements and must adhere to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation. Visit www.orea.ca.gov for more information about the qualifications and criteria required.
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