Frequently Asked Questions
- What can I do to my property to increase its value? – The first thing to do is to realize that every market is different. In order to figure out the best things to do to increase your homes value is to consult with a local real estate appraiser and local real estate agents.
- Is my assessed value from the county the same as my current home value? – The answer is sometimes yes and sometimes no. The assessed value of your property is what the county uses to assess your property taxes and the method to derive your value is based on a mass statistical valuation model whereas a real estate appraisal will value your home based on comparable sales in your market. Sometimes the assessed value is accurate when compared to the sales comparison value that appraisers use and sometimes not. It depends on how much data is available to the county and what type of mass statistical method they are using.
- My real estate agent told me what my house was worth and showed me a CMA, why is the appraised value different? – Not all real estate agents are aware of how appraisers derive values and depending upon their experience they may not be able to value your particular property accurately. Appraisers are held to specific criteria when valuing a property in order to develop the most accurate current market value of your property. Real estate agents often just use an automated comparative market analysis report which doesn’t always follow this criteria.
- Why can’t you give me a copy of my report when I paid for it? – When you hire an appraiser directly you are our client and we can only deliver the appraisal to you and any authorized users of the report that you deem can read it. Most of the time when you apply for a loan, the lender will hire the appraiser. Even though you pay for the appraisal you pay the lender who in turn hires the appraiser or appraisal management company who contracts the appraiser. When that happens the client of the appraiser becomes the lender and according to current guidelines the appraiser is only allowed to release the appraisal to that lender unless there is express written permission from the lender to release it directly to anyone else. To give you a copy of the appraisal directly would be to violate USPAP, the code of conduct and procedures appraisers must adhere to or risk losing their license.
- How long is my appraisal good for? – It depends on the type of report and what the report is being used for. Currently, if the appraisal is being used to obtain financing for real estate purposes then the appraisal will usually only be good for 90 days. The reasoning is that real estate markets are constantly changing and markets can be very different within a 90 day span.
- What are some of the things that appraisals can be used for? Here’s a short list of common appraisal uses. Property tax dispute, refinancing, listing a property, sale of a property, estate sales, probate sales, investment property cash flow analysis, divorce, remodeling and construction loans, highest and best use analysis.
If you have any other specific questions feel free to get in touch with us.