Think you may need an appraisal? Here's what you need to know!
An appraisal on a property may be necessary for many reasons such as selling or purchasing a home, refinancing, divorce settlement, making updates and renovations, or state liquidation.
Before a property value can be determined, the appraiser must come and inspect your property. The appraiser will be checking on the number of bedrooms and bathrooms, square footage, condition, location, and if there are any defects. The appraiser will likely make a sketch of your property as well as take photographs.
Once the property inspection is over, it's back to the office for the appraiser because the rest of the appraisal will be completed using a computer software program. There are a few methods to determine the price of a property with the most common being a sales comparison. The sales comparison helps the appraiser determine price by comparing your property to similar properties that have recently sold. Adjustments to value will be made when the subject property does or does not offer certain features the comparable properties offered.
An appraisal is usually completed in 7 days. Pricing can vary from appraiser to appraiser or property type.
For more information, call Jon Sinclair at 740.354.1151.