Understanding the Appraisal Process

If the Buyer is securing a new loan to purchase your home, the Buyer’s lender will require an appraisal to determine the fair market value of the property. A licensed appraiser will research nearby houses that have sold recently, usually in the last six months, and are similar to yours in size, age, construction, and amenities.

The appraiser will make an appointment to see your home and will take about 30 minutes to an hour to look over the property. He or she will measure your home, draw a representative floor plan, take photographs inside and out, and review the property’s condition, specific improvements, and amenities.

The appraiser will provide a typed appraisal report to the Buyer’s lender within a few days after visiting your property. You will be notified if the lender requires repairs before they will lend on your home. If repairs are required, the appraiser will have to return to review the repairs and a re-inspection fee may be charged.