Home Inspector, Certified Toxic Mold Inspection, Columbus Ohio, Radon & Termite

What is an Appraisal?

The most common type of appraisal is an estimation of the market value of a property for mortgage lending purposes. The appraised market value is based on the professional impartial estimate or opinion of the appraiser after taking into consideration a number of economic factors, attributes of the property under review and other relevant factors. The appraiser may consider many sources of information including current builders, realtors, contractors, investors, M.L.S., local listings, tax assessor records, court house records, public information sources and personal professional knowledge.

Generally, you will find the following in an appraisal report:

· Statement of the purpose for the appraisal.

· Scope of the appraisal and procedures

· Property identification including maps, photos, ownership and legal description.

· History of property

· Conditions and limitations

· Analysis and analytical review of the property and surrounding area.

· Interpretation of the data collected by the appraiser and how the information was used in arriving at an estimation of value.

· Exposure time / market time

· Any assumptions that were made in preparing the appraisal that may affect the estimated market value.

· Intended use / user

· Certification, date and signature of the appraiser.

Most states now require that appraisers be licensed and all appraisals for mortgage loans backed by a federally insured lender and/or other federally related organizations require that the appraisal must be preformed by a state licensed or certified appraiser.

Do I need a house inspection when my bank is having the house appraised?

Yes! A house appraisal is an independent evaluation of the current market value of a house or property. In general, the purpose of an appraisal is to set the current value of a house so that a lender may determine how much it can loan to the buyer. The appraiser looks at similar properties in the area and the prices at which they were sold to set the value of the house.

A house inspector conducts a thorough evaluation of the major systems of a house and structural integrity. Whereas the appraiser is typically working for the bank, Guardian Real Estate Inspections is working for you. We identify items that need replacement or repair prior to closing, which can save you thousands of dollars.