Q and A

What does an Appraiser do? Is it the same as a Home Inspector?

That’s a good question and one that I get asked a lot over the years. No, an appraiser and an inspector offer 2 different services. A home inspector checks out a residence (inside and out) and makes a list of deficiencies for a homeowner to review. A home inspector is usually hired directly by the purchaser to see if there are any minor or major deficiencies to be remedied. This can take anywhere from a few hours to a full day. This cost is paid by the purchaser directly.

A home appraiser is hired usually by the banks to make sure that the value of the home is really the value of the home. We provide an independent and unbiased assessment of the value of a home. A home appraiser would inspect the home (usually 15-30 minutes), take measurements of the exterior of the home, and take pictures. Then the home appraiser would seek comparable sales in the area of the property, and give it an objective value based on the findings. Based on the information the home appraiser gives to the bank, it would confirm the amount of money a bank would then lend out to the purchaser.

Who pays for an appraisal?

That depends. If you are getting a mortgage with a bank / credit union, they will order an appraisal (hence the banks will call me directly), and depending on your agreement, the appraisal could be covered by the bank, or you would pay.

If you are looking for a current market evaluation for any reason (eg. Selling a home, Tax or Personal reasons, Division of assets, Passing in a family, etc.) , then you would pay for this service.

Why do I need an appraisal?

If you require a mortgage (new home purchase, re-financing, etc.) then the banks will require a home appraisal to ensure that the value is there. And that is the service I can provide for you.