FREQUENTLY ASKED QUESTIONS
You’ve Got Questions. I’ve Got Answers
Welcome to the Pro Appraisals Help Center. I’ve pulled together some of the most frequently asked questions from my clients and compiled them here. If you still need answers, get in touch and I’ll do my best to help out.
WHAT IS A RESIDENTIAL PROPERTY APPRAISAL?
A home appraisal is conducted by a licensed and certified professional who is providing an unbiased estimate of the true value of a property based on the current market.
WHAT DOES AN APPRAISER DO?
An Appraiser provides an estimate of the value of a property by looking at the location, amenities and recent sales (or comps) of similar properties in the same neighborhood/surrounding area, in addition to other factors.
An appraiser will walk-through a property to determine the general condition that it is in, noting any amenities of value in that area. THey will take photo's and sketch the property's layout to use in their report. If there are any health or safety code violations, the appraiser will list them so they can be corrected before the lender approves a loan.
WHAT EFFECTS A HOME APPRAISAL?
A number of factors go into a home appraisal and each one can depress the home's appraisal. Those factors include location, plot size, home renovations and home condition, the age of the home, appliance and systems like heating, and more.
I'M REFINANCING. DO I NEED A HOME APPRAISAL?
Yes, but if you are refinancing and the property has been appraised within the past three years, some lenders will be ok with a 'drive-by' appraisal as opposed to a full appraisal, this however is up to the lender.
