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APPRAISAL FAQ'S
1. What is an appraisal?
2. How long does a typical appraisal take to complete?
3. What qualifies someone to be an appraiser?
4. Can I get a copy of the appraisal that was ordered for my property?
5. Can I use this appraisal for more than one lender/mortgage broker if I've paid for it?
6. I haven't cleaned my house this week. Will it hurt my value?
7. Where can I find additional information regarding the appraisal industry?
1. What is an appraisal?
An appraisal is a supportable opinion of value based on market data, logical analysis and professional judgment. Market value is the value most often sought in residential appraisals and is usually defined as the most probable price which a property should bring in a competitive and open market with knowledgeable buyers and sellers. Appraisals are written reports that consider factors such as market conditions, neighborhood, site and improvement amenities, legal and zoning considerations and comparable sales, cost and income analyses.
2. How long does a typical appraisal take to complete?
Our firm will contact the homeowner or real estate agent involved within 24 hours of receipt of your request to set up an appointment. The appraisal typically takes two to three days from the inspection date of the property to complete.
3. What qualifies someone to be an appraiser?
The State of California requires all real estate appraisers to be, at a minimum, state licensed or certified, having met the education and experience requirements and adhering to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation. For example, a Certified Residential Appraiser may appraise all 1 - 4 unit residential properties at any price. Approval for this designation includes 2.5 years and 2,500 of appraisal experience, 120 hours of appraisal related education and completion of the state examination.
4. Can I get a copy of the appraisal that was ordered for my property?
Under the Equal Credit Opportunity Act, your lender must provide you with a copy of the appraisal report upon your written request.
5. Can I use this appraisal for more than one lender/mortgage broker if I've paid for it?
Per banking regulations the "client" for an appraisal is required to be a licensed lender or mortgage broker for most purchase, equity and refinance loans, even when the report is paid for directly by the homeowner or buyer. If the buyer/homeowner wishes to use the appraisal for a different lending institution, the original lender/mortgage broker must give written permission to the appraiser for release of this report. Once permission is obtained, the appraisal can be "re-originated" with the new client name and is typically accepted up to 6 months after the original date of completion. However, acceptance is based on the individual requirements of each lender.
6. I haven't cleaned my house this week. Will it hurt my value?
Houses are rarely spotless unless they are completely vacant. Appraisers are concerned with the overall maintenance of a house. Neglected repairs and long standing physical deterioration will obviously lower the value of a house. Items such as dishes in the sink or children's toys laying around won't effect your appraisal.
7. Where can I find additional information regarding the appraisal industry and related sites?
The Office of Real Estate Appraisers will provide information on license verification, status, education and enforcement issues. You can also search for an appraiser by zip code by selecting their "licensed appraisers" button bar. Appraisal related news and educational offerings can be found at the Appraisal Institute. General information regarding the real estate industry can be found at the International Real Estate Digest.
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