Green Valley Homes | Search Green Valley AZ Real Estate and Homes for Sale | Russ Fortuno, Tierra Antigua Realty
Register Login (520) 333-0446
  • Bloglovin
  • Email
  • Facebook
  • Home
  • Homes for Sale
  • Area Information
    • Dining Out
    • Golf
    • Green Valley Recreation
    • Mover’s Guide
    • Visitor’s Information
  • Buyers
  • Sellers
  • About
  • Real Estate News

Real Estate Appraisal

What Buyers and Sellers Need to Know

Te buyer's lender will require a real estate appraisal when buying a home in Green Valley AZWhen a buyer is securing a new loan to purchase a home, the buyer’s lender will require an appraisal of the property to determine its fair market value.

The lender will collect an appraisal fee (expect $400 – $600) from the buyer once a purchase contract is accepted and the buyer is ready to move forward with their 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 your REALTOR® to establish a listing or offer price. An appraiser will use similar methods in arriving at a property’s value, but they must 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 it will take about 30 minutes to an hour to look over the property. The appraiser will measure the home, draw a representative floor plan, take photographs inside and out, and review the property’s condition, specific 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 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 then 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 will lend money for the purchase. Once the repairs are made, the appraiser will have to return to review the required repairs, and a re-inspection fee is usually charged.

For example, if the buyer is applying for an FHA or VA loan, the property must be free and clear of health and safety hazards. VA and FHA appraisers must denote 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, sellers may need to correct deficiencies identified in an appraisal, or make improvements, before the lender gives final loan approval to the buyer.

New Listing

NOTIFICATIONS

  • Email Alerts for New Listings
  • Save Your Favorites
  • Schedule Showing Requests
  • Price Change Notifications
  • Plus More…

Sign Up

What’s Your

HOME WORTH?

Find Out

Client

TESTIMONIALS

"100% full service. Russ walked us through each step making sure we understood the process. He was very patient with us when we fumbled a bit with DocuSign. Russ was a pleasure to work with and we highly recommend him. There’s really not a lot more we can say except that the purchase of our condo went so fast and smoothly… all due to Russ!"
- S.H., Green Valley AZ
"All I can about Russ Fortuno is that he did a excellent job in the complete process of selling my home. I would recommend him to other people. He knows local knowledge and his process expertise was very good.He respond to all my question and kept me informed of any new items that came up. He did a excellent job in the negotiations with the buyer agent. I couldn’t have picked a better agent to handle the sell of my property. "
- D.F., Sahuarita AZ
"Or home buying process took about 5 months and Russ was there for us the whole time. Never pushy always ready with advice and options. When we finally found the perfect place he was always on top of every detail and kept us informed and prepared for each step. Russ provides an extraordinary real estate experience for his clients. Professional, knowledgeable and ready to answer all our questions honestly and quickly. He was a joy to work with."
- D.H., Green Valley AZ
View All

Listing Notifications

Sign Up! New listings delivered to your inbox!
Sign Up Now

Stay Connected

  • Email
  • Facebook
  • Phone
  • Vimeo

agent photo

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

© 2023 Russell E Fortuno PLLC, All Rights Reserved. ADRE BR658088000   •   Privacy