You have a general idea of how the appraisal process works and how prices today differ from the appraised prices from the past. Today’s post deals with many of the frequently asked questions homebuyers have when it comes to appraisals:

• Do you really need an appraisal? Yes, the appraiser provides an impartial third-party report of the property’s value. The appraiser uses education, training and experience to arrive at a non-biased value that is used by both the client and lender to determine the loan.
• How long will the appraisal take? Depending upon the size and condition of the property, the actual appraisal inspection can last from 15 minutes up to several hours. Post inspection the appraiser analyzes and reviews all inspection findings and will generate a report. The reporting process can take a few weeks to several months depending upon the detail in the inspection.
• What does the appraiser look for during the inspection? A few items that include the home and property’s square footage, permanent fixtures, overall condition property (inside and out) and the quality of the overall construction.
• How can I hasten the appraisal inspection process? One way to help the process is to provide a survey of the house and property, a deed or title, a recent tax bill, copy of the original plans and specifications and a list of personal property you plan to include in the price of the home. These documents will help achieve a more accurate and quicker appraisal inspection.

Need more information? Contact AmeriFirst today at 800-466-5626 or contact us online to send us an e-mail request.