Your appraiser will call to schedule your inspection within 48 hours of him/her receiving the order.
Your inspection will take place at a time that is both convenient to you and fits into his/her schedule. Typically this will be within the timeframe of one week.
Your appraiser will need to walk through and photograph every room including bedrooms, bathrooms, and basement. He/She will be taking note of things like the types of materials used in the construction of your home and most importantly, their condition.
While inspecting the interior of your home, the appraiser will pay attention to upgrades that you have made to your kitchen and bathrooms especially. Because the appraiser might not notice all the upgrades that you’ve made, it is important to provide him or her with a list of all the improvements before the appraisal starts.
He/She will sketch the layout of your house and confirm measurements with public records.
Utilities, Mechanical Systems and Oil Tanks will need to be photographed as well. Some banks require a photograph of your Carbon Monoxide Detectors.
Once the interior inspection is complete, he/she will walk the exterior perimeter of your property photographing the dwelling from different angles along with any exterior amenities and your street from both views.
Appraisers will take into consideration all the extras that your home offers, such as air conditioning, fireplaces, security systems, or smoke detectors. Outdoor amenities, such as a swimming pool, garage or gazebo, could also have an affect on the appraiser's opinion of value.
After your inspection is completed, the real work begins. The appraiser performs a market analysis; researches, collects data and analyzes comparable properties ideally similar in location, design, size and condition. Often search parameters are expanded due to limited market activity of homes with similar style and appeal. The report is typed on a UAD form, required by the secondary mortgage market (Fannie Mae/Freddie Mac). All of our reports undergo a rigorous review process before submission to the client.
Keep in mind that your bank/lending institution is our client. We can only communicate about the value to our client. Any questions or concerns about the appraisal must be communicated through our client as well.