Are you buying or refinancing a home and wondering what happens during the appraisal process? How does an appraiser come up with the value? In this video, I talk about the appraisal process and how appraisers work to find the value of a home.
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What is a real estate appraisal?
An appraisal is an appraisers opinion on the value of that piece of real estate. An appraisal is an unbiased estimate of the fair market value of what a home is worth at the time the appraisal is completed.
What happens during an APPRAISAL?
Traditionally an appraisal is ordered during the process of buying a home or when refinancing a property. Once the appraisal is ordered, a licensed appraisal has to come up with the value of that home so how do they come up with the value?
In my experience, most appraisers start the process by looking up the home on title records to find out the bedroom/bathroom count, property size, lot size, etc…..
Once they have that then they try to find 3 comparable properties that are currently listed and 3 properties that have recently sold within a 1 mile radius of the home. Ideally they want to find properties that have the same bed and bath count with property and lot sizes. Model matches would the ideal comparables but usually appraisers have to use other homes.
Once they have the comparables, they will go out and evaluate the home they are appraising. They will take photos and measure the square footage of the home as well as check the property condition.
From there, they will go back and make adjustments to the comparable homes based on the home they evaluated to come up with a property value.
This is a very condensed version of what actually takes place so if you have additional questions after watching the video, please comment below or contact me directly. Thank you for watching.
Other videos you might find helpful:
Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go
November 2019 Real Estate Market Update – https://youtu.be/3O89han-fUQ
What is a Pocket Listing? – https://youtu.be/D7JJhy7RAd4
Best Home Improvements to INCREASE value – https://youtu.be/Y3fm1M_7Pjw
RECESSION 2020 – Will there be a RECESSION in 2020? – https://youtu.be/g_8ACYv9Tg0
#1 TIP to get the MOST MONEY for your HOME – https://youtu.be/lhvmQ34MOro