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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.

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TESTIMONIALS

"I was able to see Russ in action when he helped my aunt and uncle buy a house here in Green Valley. He is very knowledgeable about this area and the home buying process. He went above and beyond in many ways: showing lots of houses, pointing out pros and cons of each house, helping decide on an offering price and recommending a good loan agent. Russ is everything a real estate agent should be and I highly recommend him."
- L.S., Green Valley AZ
"My wife and I are now living in a home we saw in person for the first time a few days ago, in fact just an hour before we signed the closing documents. That’s the kind of trust we have in Russ Fortuno. As a buyer’s agent, you could not ask for more. He listened carefully to what my wife and I had in mind and then repeatedly, told us why we wouldn’t be happy with homes we were interested in… until we asked him to take a look at the home we eventually purchased. He went above and beyond what was expected and was always available to answer our questions throughout the process in a very timely manner. I’m not sure I’ve ever experienced service like we received from Russ. I would highly recommend Russ if you are buying a home, especially if you’re not local and you need someone you can count on to look out for your best interests."
- M.H., Green Valley AZ
"Russ Fortuno not only made our Green Valley AZ home purchase happen, he made it easy. We live in Eastern Washington and wanted to buy a vacation home in Green Valley but were apprehensive about buying a property without physically seeing it. Russ made the process easy. He supplied us with walk-through videos of every property we showed interest in, paying special attention to any issues the property might have. By the time we actually saw the property we were purchasing, we felt like we had been there a number of times. Russ walked us through the buying process from beginning to end! We highly recommend Russ and will use him for all or our real estate needs."
- D.W., Chattaroy, WA
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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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