December 4, 2019

Understanding Appraisals

Appraisals.

We get a lot of questions about appraisals, so today, we’ve broken them down into three main areas to better help you understand the process.

  1. “What do I need to do for my appraisal, and who orders it?”

If you’re doing a refinance, the most important thing to know is that the appraiser’s there to simply look at the house. They’ll measure it, take count of the number of beds and baths, and record other basic qualities.

While you don’t have to “do” much, appraisers are human beings, and they can be influenced by visual attractiveness. Cleaning up a little bit or organizing can help make a difference.

Outdoor qualities are also considered. For example, you’ll want to trim back any foliage, so they aren't touching the siding anymore.

  1. “How do I know the appraisal’s been ordered?”

We order the appraisal right away. As soon as you sign the initial disclosures (the “Loan Estimates”), we place an order for the appraisal. You’ll also get an email letting you know the appraisal’s been ordered. We won’t leave you guessing.

  1. “When does it come back, and how do I know it’s back?”

Once an appraisal is logged as “received”, you’ll receive another email right away.

How long does that take? It depends on the market. We’ve had some appraisals come back as soon as two or three days, whereas in other geographical areas, it can take up to four weeks. Once we do receive the appraisal, we’ll send you an email right away.

Be aware that it will still take us between twenty-four and forty-eight hours to review it, ask the appraiser for any corrections, summarize the appraisal, and let you know the results.

I hope this guide helped. If you have any questions about appraisals, or anything else, give us a call. We’re here to help.

Watch our video on this topic here.