Scheduling Your Home Appraisal
When you begin the process of refinancing your home with the bank, your lender will typically order an appraisal of your property. While you may expect a phone call to arrange the inspection, nowadays it is more common to receive a text message. In this scenario, Chris from As Requested Appraisals reaches out to you via text, offering an appointment on Tuesday afternoon for the interior and exterior inspection of your home. If the proposed time does not suit your schedule, Chris is quite flexible and works with you to find a time that fits.
Wondering What’s Included?
After confirming the appointment, you may find yourself asking, “What’s included in a home inspection?” We are pleased to answer that question for you. Let’s take a closer look at what you can expect during the process.
What Does the Appraisal Inspection Include?
The inspection conducted by an appraiser is an essential aspect of the appraisal process. It is not limited to a simple walkthrough; rather, the appraiser, such as Chris, will carefully observe various components and characteristics of your property that can affect its value in the current real estate market.
During the inspection, Chris assesses several key factors, including:
Appraisers with a CRA-P App. designation bring not only a deep understanding of the real estate market but also hold construction knowledge as part of their core training. When faced with more complex building features, AIC designated appraisers may also consult with industry professionals to ensure an accurate evaluation of the property’s characteristics.
What’s Included in a Site Inspection
Site Inspection Overview
When you schedule a site inspection, you can expect a thorough and attentive process carried out by Chris. The inspection is designed to gather comprehensive details about your property, both inside and out, to ensure an accurate assessment.
Duration of the Inspection
Chris will typically spend at least 30 minutes on site, and potentially longer depending on the size and unique characteristics of your property. This allows for a careful and complete evaluation.
Information Gathering
During the inspection, Chris focuses on collecting as much relevant information as possible. This includes details about the layout of rooms, any improvements or renovations, measurements of the dwelling, and information on outbuildings or garages. Site improvements are also carefully noted to provide a clear picture of the property’s features.
Photographic Documentation
With your consent, Chris will take photographs during the inspection. These images are typically required by the client and serve to visually support the data included in the report. Exterior photographs are especially important for clearly identifying the property and its characteristics.
Property History and Features
Chris may ask about key features of your property, such as the original construction date and the dates of any major additions or renovations. This information helps to build a complete profile of the property’s history and evolution.
Recent Market Activity
As part of the inspection process, Chris will gather information about any recent market activity related to your home. While public records are often available, Chris may also inquire about private listings, offers to purchase within the past twelve months, and any sales that have occurred in the previous three years. This ensures all relevant market data is considered.
Valuation Process
Homeowners frequently request a verbal “ballpark” estimate of the property’s value before Chris departs from the site. However, it is essential to understand that much of the valuation work takes place after the inspection has been completed. Accurately determining the current market value of a property requires Chris to undertake a comprehensive analysis, which considers both prevailing market conditions and the specific physical attributes that impact property values.
The valuation procedure is intricate and involves gathering and assessing information from three to five—or sometimes even more—comparable properties. This comparative analysis is critical for establishing a dependable estimate of the property’s current market value.
