Appraisal Q&A
	What is an appraisal? An appraisal is an unbiased estimate/opinion of the value of a piece of real estate. Why do I need a home appraisal? There are many reasons why you might need an appraisal on your home. For example, an appraisal might be required if you wanted to: Refinance your home Access the equity of your home Obtain a loan Determine a reasonable selling price for your home Estate purposes Grieve your real estate taxes What factors are considered in a home appraisal? A variety of items are considered to determine your home’s estimated value, including: Size Condition Age Location Sale prices of similar homes Who does the appraiser work for? Even though you will probably pay for the appraisal (as part of your closing costs), for loan transactions, the lender typically hires the appraiser. Can I have a copy of the appraisal? Yes. You are entitled to a copy of your appraisal report and can request a copy from your lender. What information is contained in the appraisal report? Some of the information included in the report: Description of the property Location of the property Significant property characteristics Current ownership Occupancy (e.g. owner or tenant) Sales transaction history for the last 3 years If property is or not in a Flood Zone What is the difference between an appraisal and an inspection? A home appraisal reports on the value of a property. A home inspection gauges the condition of the structure and systems of a house.

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