A real estate appraisal is an unbiased assessment of a property's value, prepared by a professional appraiser, accompanied by supporting data to support the validity of the valuation.

Market value or fair market value is the most probable price that a property should bring (will sell for) in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto, and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. description

A residential appraisal is a comprehensive analysis that determines the fair market value of a property. It’s a vital tool, whether you’re applying for a mortgage, considering listing your home for sale, or simply interested in determining the market value of your property. Understanding the value of your property is a critical factor in many of life’s most significant decisions. This is where a residential appraisal comes into play.

The first step is to provide the preliminary information under “Get a Fee Quote”. When we receive the request, we will reach out to further discuss the appraisal process and to gather additional information. Once we establish the purpose of the appraisal, scope of work, and all other details, we will engage in the assignment and complete the report by the agreed-upon date.

Once the report is complete, we will email a copy to the email provided and/or to the entity/individual that is instructed on the engagement letter.

The appraiser is not a home inspector and does not do a full home inspection. The point of a home inspection is to evaluate the structure of the property from foundation to attic.

PMI is an acronym for Private Mortgage Insurance. This additional plan takes care of the lender in the event a borrower doesn't pay on the loan and the value of the home is less than what is owed on the loan. You can have your PMI dropped once you've achieved 20% equity in your home through appreciation and principal payments. Some lenders may have additional requirements that include the use of one of the appraisers on their panel. We recommend our clients to consult with their lending institution before ordering a private appraisal.