Useful tips

How do I find an appraisal report?

How do I find an appraisal report?

When you sell your home, you won’t automatically get a copy of the report, but you can request one and the lender will have to provide it to you in 30 days time. If the appraisal came in under the contract price, your real estate agent will be able to fill you in on the details right away.

What is a lender’s appraisal?

The appraisal is based on research of recent sales of comparable homes in the area, an analysis of the property and the appraiser’s judgment. The mortgage lender requires an appraisal to help gauge risk of making a loan.

What is a desktop appraisal report?

A desktop appraisal is a property valuation that is completed at the appraiser’s desk, using tax records and information listed on the multiple listing service (MLS), instead of through an in-person survey of the property.

What is included in a real estate appraisal report?

A property appraisal is an estimate of price for your property in the current market. Real estate agents specialise in answering the ‘how much is my home worth’ question, and they do it by running a comparative market analysis which involves finding similar properties that sold within the last 90 days.

Do appraisers know the selling price?

The appraiser will most likely know the selling price of a home. Therefore, the appraiser will most likely know the selling price of a home but this is not always the case. There are times that we have appraised properties for private sales where both the buyer and seller have declined to provide this information.

How do appraisals work in a sellers market?

Appraisals are done by an appraiser that’s hired by the buyer’s lender. This certified professional will determine the current market value of the home that’s up for sale. They look at square footage, bedroom and bathroom numbers, plus neighborhood value or recent sales that have taken place within the area.

Are desktop appraisals legal?

Only a licensed or certified appraiser can perform a desktop appraisal. And they are not the same thing as restricted appraisals or BPO’s (Broker price opinions). They are full appraisal reports that can be used for many purposes.

Is a desktop appraisal good?

A desktop valuation is a great tool for homes that are in average condition. Full appraisal evaluations are recommended for homes that are in poor or highly upgraded condition. Full appraisals are also recommended for tax appeal cases and divorce in which someone might be disputing the value.

Which type of appraisal report is the most formal?

The narrative appraisal report is the longest and most formal format for reporting and explaining appraisal conclusions and contains a step-by-step description of the facts and methods used to determine value.