The motive of residential appraisals is to examine the exact value of a property a buyer is willing to purchase. There is no denying the fact that it is one of the most imperative steps when it comes to the home purchasing procedure. Once a seller accepts the offer, and the buyer has started all the work with a lender, the appraisal procedure has to take place. However, if you are opting for refinancing, the appraisal will take place amidst the loan processing and final approval. The procedure of appraisals is basically performed by an appraiser. With that being said, let us understand who an appraiser is in detail.
Who is an appraiser?
Appraisers are experts who hold a license and certificate to conduct the appraisal procedure for a buyer. While you are opting for the appraisal, make sure to get in touch with one who has both of these essentials. If someone claims to work for you without these essentials, understand that they do not have immense knowledge and experience in the field. They are only making false promises, and there are chances that they will disappoint you at the end of the procedure. According to the professionals, most state appraiser’s have to be certified and licensed in order to perform the service. Henceforth, as buyers make sure to keep this factor in mind. Working with a licensed and certified appraiser means you will get top notch services at economical rates. Now that you have understood who an appraiser is, let us now understand what precisely a home appraiser looks for.
What does a home appraiser look for?
A reliable and reputed appraiser will research all the sold properties in your town. This will also include the features similar to the desired home. This procedure is known as comparables. For anyone who is new to the term “comparables”, it means a record of properties that are sold lately. During residential appraisals, an appraiser will normally make use of three MLS (multiple listing service). It is because of these services that an appraiser is able to obtain an estimate of a residential property. Next, an appraiser will take into consideration various questions related to the desired property. Some of them are listed below.
- Condition of the desired property, damages, leaks, cracks, and more).
- The size of the residential property.
- The quality of foundation and landscaping.
- Total number of bathrooms.
- Total number of bedrooms
- Total number of fireplaces.
- Condition of a swimming pool, if any.
- Quality of plumbing and lighting.
- Condition of a sprinkler system, if any.
- Quality of the basement.
- Finishing details in a residential property.
Note: A home appraisal is very different from a home inspection. Don’t get confused between them.
How long does residential appraisal take?
For anyone who is wondering how much time residential appraisals take, we have got your back. Anybody who is seeking refinance, expect an appraiser to be with you for twenty minutes to two hours. The procedure depends on the size of the residential property. An appraiser will be clicking pictures so this much time will be spent. Once the procedure is finished, the appraiser will prepare a report, and confirm everything. Expect the procedure to be completed within three to five days.
Opting for residential property appraisal? Take all this information into account and get started.