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A residential real estate appraisal is a professional evaluation of the value of a home, conducted by a licensed appraiser. The appraisal takes into account factors such as the property's location, size, condition, and comparable sales in the area.
There are many reasons why you might need a residential real estate appraisal. These include buying or selling a home, refinancing a mortgage, settling an estate, or determining the value of a property for tax purposes.
A residential real estate appraiser conducts a thorough inspection of the property and analyzes various factors, including recent comparable sales, to determine the value of the home. They then provide a detailed report outlining their findings.
The cost of a residential real estate appraisal can vary depending on factors such as the size and complexity of the property, the location, and the appraiser's experience. Generally, you can expect to pay a few hundred dollars for a standard residential appraisal.
Our coverage areas include Johnson and Wyandotte counties in Kansas and Cass, Clay, Jackson, Lafayette, and Platte counties in Missouri. Our appraisers cover a wide range of areas and neighborhoods, and their coverage areas are determined by their expertise and experience in those areas. If you are unsure if your property falls within our coverage area, please feel free to reach out to us and we can provide you with more information.
The length of a residential real estate inspection can vary depending on a number of factors, such as the size of the property, its condition, and the complexity of the appraisal assignment. In general, a typical inspection for a single-family home can take anywhere from 30 minutes to 2 hours. However, larger or more complex properties, such as multi-unit buildings or homes with unique features, may take longer. It's best to consult with your appraiser ahead of time to get a more accurate estimate of how long the inspection will take.
The time it takes to complete a residential real estate appraisal can vary depending on factors such as the size and complexity of the property, the availability of data, and the workload of the appraiser. Generally, it can take anywhere from a few days to a few weeks to complete an appraisal.
To prepare for a residential real estate appraisal, you should ensure that the property is clean and well-maintained. You should also provide the appraiser with any relevant information about the property, including recent improvements or upgrades.
The main difference between a conventional residential real estate appraisal inspection and an FHA inspection is the level of detail required.
A conventional appraisal typically requires the appraiser to evaluate the property's overall condition, including the interior and exterior, and to provide an opinion of the fair market value based on comparable sales in the area.
An FHA inspection, on the other hand, is more detailed and includes a broader assessment of the property's safety, livability, and soundness. In addition to evaluating the property's condition and market value, the appraiser must also assess the property's compliance with FHA standards, such as safety features, structural integrity, and health hazards. The appraiser must also inspect the crawl space and attic, verify that the property has adequate drainage and no moisture or mold issues, etc.
Overall, an FHA inspection is more comprehensive and detailed than a conventional appraisal inspection because it includes a broader evaluation of the property's safety and livability in addition to the market value.
To obtain a copy of your completed residential real estate appraisal report, please reach out to us and we can email you a pdf copy.
If you received the appraisal as part of a home purchase or refinance process, you must reach out to your lender or mortgage broker to obtain a copy. Unfortunately, we cannot provide a copy directly to you.
It is important to note that appraisers are required to comply with federal and state privacy laws, only the direct client that requested the appraisal can obtain a copy of the report.
If you believe that the results of a residential real estate appraisal are inaccurate, you can submit a valuation reconsideration request that must include additional data or evidence to support your position. However, keep in mind that appraisers are licensed professionals and their findings are generally considered to be objective and unbiased.
Yes, a residential real estate appraisal can be used for legal purposes, such as settling a divorce or estate dispute. However, the appraiser may need to provide additional documentation or testimony in court to support their findings.
An appraiser will consider a variety of factors when valuing a property, including the size and condition of the property, its location, the local real estate market, recent sales of comparable properties in the area, and any unique features or amenities.
While you cannot request a specific appraiser, you can request that the appraisal be conducted by an appraiser who is familiar with your local real estate market and has experience appraising properties similar to yours.
If the appraisal comes in lower than the sale price, the buyer and seller will need to negotiate a new sale price based on the appraisal. In some cases, the buyer may need to come up with additional funds to cover the difference between the sale price and the appraised value.
There is no set timeline for having a property appraised. It is generally a good idea to have your property appraised before buying or selling, refinancing, or making major renovations or additions to the property.
Yes, all of our residential real estate appraisers undergo background checks as part of our hiring process along with continual monitoring. We prioritize the safety and security of our clients and their properties, and we take every precaution necessary to ensure that our appraisers are qualified and trustworthy professionals. We understand the importance of having peace of mind during the appraisal process, and we are committed to providing our clients with the highest level of professionalism and service.
Yes, residential real estate appraisers are required to practice Fair Housing and avoid any form of bias or discrimination. They are bound by the Uniform Standards of Professional Appraisal Practice (USPAP), which prohibits discrimination based on race, color, religion, national origin, sex, marital status, age, or disability.
Residential real estate appraisers are also required to remain unbiased and independent throughout the appraisal process. They must base their conclusions solely on their professional judgment, supported by relevant data and analysis. Any external factors, such as the identity of the client, should not influence their appraisal report.
Moreover, residential real estate appraisers are required to undergo regular training and education to stay up-to-date with fair housing laws and regulations. They must also abide by the Code of Ethics of their professional appraisal organizations.
Overall, residential real estate appraisers are held to high ethical standards and are required to provide fair and unbiased appraisals.
For traditional appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) based on an interior and exterior on-site physical inspection of the property by the appraiser. Form 1004 also may be used for two-unit properties, if each of the units is occupied by one of the co-borrowers as their principal residence or if the value of the legal second unit is relatively insignificant in relation to the total value of the property (as might be the case for a basement unit or a unit over a garage). In addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners’ association fees and the quality of the project maintenance. Appraisals reported on Form 1004 must be completed in accordance with the UAD Specification.
For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) that are not based on an interior and exterior on-site physical inspection of the property by the appraiser. The property data may be collected through secondary data sources or by someone other than the appraiser. This form is not designed to report an appraisal for a manufactured home, or for a unit in a condo or co-op project. Appraisals reported on Form 1004 Desktop must be completed in accordance with the UAD Specification.
For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) that are based on interior and exterior property data collection. This form is not designed to report an appraisal for a manufactured home, or for a unit in a condo or co-op project. Appraisals reported on Form 1004 Hybrid must be completed in accordance with the UAD Specification.
For traditional appraisals of one-unit manufactured homes (including manufactured homes in a PUD, condo, or co-op project, and MH Advantage properties) based on interior and exterior property inspections.
For traditional appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification.
For traditional appraisals of two- to four-unit properties (including two- to four-unit properties in PUD, condo, or co-op projects) based on interior and exterior property inspections.
For appraisal updates and/or completion reports for all one- to four-unit properties.