Question 1

What is the difference between an Inspection and An Appraisal?

Accepted Answer

An Appraisal is providing a value estimate of the property as compared to other similar properties in the market. An inspection is intended to inform you of any saftey or hazardous conditions that may exist with the property.

Question 2

How do I communicate with an Appraiser?

Accepted Answer

You should feel completely comfortable keeping communication with your appraiser. While it has been said in the past that trying to talk with your appraiser can lead into legal trouble, it is actually encouraged to keep contact with them as long as you are not trying to influence the outcome of the appraisal.

Question 3

How does an appraiser measure properties?

Accepted Answer

Using ANSI (American National Standards Institue) guidelines, appraisers begin their measurement with the outside of the property. During this process, they will use both a tape and a laser measure.

Question 4

What is an Appraisal?

Accepted Answer

An appraisal is requested by a lender to figure out an estimate of the fair market value of your home. This helps ensure that the amount of money borrowed is appropriate.

Question 5

What do I do if I think my appraisal value is too low?

Accepted Answer

If you are concerned with a low appraisal don’t worry, there are several solutions available. For one, the lender will make a loan based on the ratio agreed to in the contract at the appraised value.

Question 6

What does an FHA appraiser look for?

Accepted Answer

The appraisal process for an FHA appraiser tends to focus on the following areas: the roof, the foundation, lot grade, ventilation, mechanical systems, heating, electricity, and crawl spaces.

Smart Appraisals for Smart Investors

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