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The Appraisal

 While your mortgage lender can’t conduct the appraisal, they’re the one to order it through an appraisal management company, which will then select the individual appraiser to visit your home. The appraisal will last approximately 20-45 minutes as the appraiser examines the quality, condition, size, etc., of your home. 

The three parts of the appraisal

With every appraisal, you have the inspection, the comparables (comps) and the final appraisal report. The inspection is the part where the appraiser visits your home. The comps are similar homes in your area that have recently been sold. The appraiser researches comparable homes to help figure out the market value of your home. 

The appraisal inspection

The appraiser will need unfettered access to every area of your home, including the basement and garage.   During the inspection, the appraiser will take interior and exterior photos of the property and will tally the dwelling’s room count, amenities, and general condition. Generally, the appraiser performs a visual inspection of the interior and exterior areas. Physical property inspections are usually reserved for a licensed home inspector.  

Behind the scenes

In order to determine the value of your home, the appraiser will analyze information obtained during the visual property inspection against comparable properties. In addition, the appraiser conducts research that you may not be aware of. He or she will check a variety of sources, including country courthouse records, private data vendors and the Multiple Listing Service (MLS) to find out how much homes comparable to yours have sold for and the current sales prices of homes on the market in your area. The appraiser also does a field inspection of the exterior features of similar properties to determine how your home compares.  

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