What is an Appraisal?

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An appraisal is an integral part of the home buying or selling process. A real estate appraisal establishes a property's value, usually market value. If financing a property, lenders require appraisals in order for the buyers to use their new homes as security for their mortgage(s). An appraisal provides the lender, usually a bank, with an assurance that the subject property will sell or is valued at the price they willing to finance. An appraiser should serve as an objective third party, who has no financial connection to any individual involved in the real estate transaction.

Please note, that an appraisal should not be confused with a home inspection. Home inspections generally test the functionality of the home including appliances, plumbing, heating and cooling, amongst others.

Once an appraisal has been scheduled with the owner, realtor and/or tenants, a licensed appraiser will come out to the home, known as the subject property, to measure, inspect and compare multiple properties in the subjects area. The appraisal will  consist of sketches and images (pictures) of the interior and exterior of the subject property. 

After the completion of the actual physical property inspection, a report will be compiled with the following information to provide an opinion on value: 

Details about the property along with pictures and side by side comparisons of similar properties within the subject area

Description about the size of property, the condition of the interior, any home improvements (extras or additions)

An evaluation of the overall real estate market in the subjects property area

Any notations regarding flawed characteristis on the home

Type of area in which the subject property is located

Please contact us to schedule your Residential Real Estate Appraisal in Miami-Dade, Broward and Palm Beach counties.