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Real Estate Appraisal

Appraisal

If you’re securing a new loan to purchase a home, your lender will require an appraisal of the property to determine its fair market value. The lender will collect an appraisal fee (expect $400 – $650) from you once a purchase contract is accepted and you’re ready to move forward with your loan application.

A state licensed home appraiser will be selected by the lender to research the property and compare it to nearby homes that have sold in the last six months and are similar in size, age, construction and amenities.

The appraisal differs from a Comparable Market Analysis (CMA), which is an estimate of your home’s value done by Realtors® to establish a listing or offer price. The appraiser will use similar methods in arriving at a property’s value, but also follow strict licensing and industry guidelines and adhere to Uniform Standards of Professional Appraisal Practices.

The appraisal process

The appraiser will make an appointment to see the home and will take about 30 minutes to an hour to look over the property, measure the home, draw a representative floor plan, take photographs inside and out, and review the property’s condition, improvements and amenities.

Seller’s can help the appraiser by providing a list of any improvements and remodeling projects since purchasing the home, along with an approximate dollar amount of each improvement. Keep in mind, however, that remodeling projects rarely bring a 100 percent return on investment, but a list will ensure the appraiser doesn’t overlook the upgrades or added features when comparing the home to others.

The appraiser will provide a written appraisal report to the buyer’s lender within a few days of visiting the property.

After the appraisal

In some cases (particularly if the buyer is obtaining a government backed loan) the lender may require additional repairs not negotiated as part of the purchase contract before they’ll lend money for the purchase.

For example, if the buyer is applying for an FHA or VA loan, the property must be free of health and safety hazards. VA and FHA appraisers will document visible defects that affect structural soundness, such as wall and foundation cracks, signs of settlement, water pooling, termite infestation; faulty plumbing, roofing, electricity, heating and air conditioning systems. Both programs abide by a different set of property standards; however, the criteria is aligned in most ways.

In some cases, correcting deficiencies identified in an appraisal, or making improvements, may have to be completed before the lender gives final loan approval. Once the repairs are made, the appraiser will return to confirm the completed repairs, and a re-inspection fee is usually charged.

Related Articles:
What to expect as appraisal gaps grow
What’s the difference between an Appraisal and an Inspection?

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"Russ is an incredible professional and I cannot think of a single area of expertise he wasn’t abreast of. Every question was answered promptly, accurately and pleasantly. He knows his market, he knows the industry and he knows people. He’s able to meet people on their level without being condescending. I would, and have, recommended Russ to others who are looking for a good and trustworthy Realtor."
- R.S., Green Valley, AZ
"Very professional approach to all aspects of our transaction. His handling of this purchase allowed us to have total confidence that we were being represented by the best real estate agent for us. I would have no reservations in recommending Russ Fortuno to anyone else looking for a RealEstate Agent! "
- D.L., Green Valley AZ
"Russ is a very good marketer. He sold our home in one day! He listens and responds promptly with his knowledge of the area and sound advice on selling or buying a new home. Russ exhibits honesty and integrity. He was always ready to help us. He is willing to try new ideas. He made our stressful decisions easier. We recommend him with pleasure."
- J.B., Green Valley AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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