Appraisal Process Explained

THE ORDER
We will order an appraisal on your home or potential new home, also known as the subject property.
Federal and state appraiser independence regulations require that the appraisal is completed by an unbiased, licensed and local appraiser in order to protect the public trust.
THE APPRAISER
By regulation, appraisers are not allowed to work with the lender, seller or client to reach the desired value or advocate for any party.
THE INSPECTION
Remember, the appraisal inspection is not the same as a home inspection. The appraiser gathers information to develop an opinion of value, while a home inspector gathers information to identify construction features, structural integrity and any necessary repairs or maintenance to the subject property.
THE VALUE
All of the values indicated by the various approaches are then reconciled to arrive at a final opinion of market value of the subject property.
THE QUALITY ANALYSIS
The lender’s underwriting department will then use the appraisal, in addition to other information gathered, to make an educated decision regarding your loan.