Q:   What is a Real Estate appraisal?
A:  A real estate appraisal is simply an unbiased opinion of the value of specified rights or interests in real estate, by a qualified individual.

Q:  What types of appraisal services does ABC Appraisal provide?
A:  ABC Appraisal provides valuation services of all types from one to four family residential real estate properties. Our appraisers are qualified to provide appraisals for first and second mortgage lending, and limited scope assignments including inspections, exterior-only inspections, appraisals for real estate owned and foreclosure purposes.

Q:  What qualifications are appraisers required to have?
A:  Connecticut requires that all real estate appraisers be state licensed or certified and have fulfilled education and experience requirements.  They must adhere to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation.  All ABC appraisers are state certified/ licensed.

Q:  What factors does the appraiser consider when appraising a property?
A:  The appraiser looks at a number of aspects of the property to estimate value.  Style, age, overall condition, square footage, quality of construction and other factors that influence marketability, such as; neighborhood, location, proximity to schools, zoning, recent sales, design, floor plan, etc.  

Q:  How can I prepare for the real estate appraiser?
A:  Make yourself available to meet the appraiser at any time , Have a copy of the survey of the property, Have original plans and specifications if available, Have a list of recent improvements & the costs and Give additional information you feel is pertinent

Q:  What's included in a typical real estate appraisal report?
A:  In addition to the main appraisal reporting forms which contain information on, and analyses of the subject property, neighborhood and market, there are typically many attached exhibits.  Depending upon the  level of the report and inspection, these include:
Pictures of the subject property and comparable sales.
Detailed sketch of the subject property that is used to calculate square
footage and show the functionality of the floor plan.
A location map with the locations of the subject property in relation to
the comparable sales utilized in the report.
A flood map showing the location of the subject.
All appraisal reports contain the Statement of Limiting Conditions and Appraiser's Certification.
their attachments including there relevant photos, descriptions, explanation and addenda may
be included, if necessary.

Q:  If I pay for the appraisal, does the real estate appraiser work for me?
A:  No. You would think that if you pay for the appraisal, you own the report.  The appraiser works for whomever orders the appraisal, regardless of who pays for it.  The appraiser is not at liberty to discuss any portion of an appraisal with anyone other than the person who ordered the appraisal unless otherwise instructed, regardless of who pays for the appraisal.

Q:  Can I get a copy of an appraisal a lender ordered on my home?
A:  Yes.  Your lender is required provide you with a copy of an appraisal report upon request.  However, because the lender is typically the client of the appraiser, the appraiser is not allowed to discuss any specific information on the appraisal to anyone, including the borrower, without the lender's approval.   With proper approval, the appraiser can discuss any information regarding the appraisal with the homeowner.

Q:  How long does an appraisal take?
A:  The typical residential report can be completed in 24 to 48 hours from the time of the initial physical evaluation.  The physical evaluation of the property being appraised can take from fifteen minutes to an hours, depending upon the size and complexity of the property and appraisal.
After the physical evaluation of the property, the appraiser tours the area to search for other properties that are similar to the property being appraised, that have sold within the last year. After the field work is done, the appraiser completes the written report. A short form report typically takes between two to six hours to complete. A narrative report can take day's or weeks, depending upon the complexity of the assignment. 

Q:  Can ABC Appraisal deliver appraisals electronically?
A:  Yes. Appraisal hard copies are delivered over the internet (E.D.I.) to your office in approximately  5 minutes after completion.