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Q: What is an
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.
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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
- Give additional information you feel is
pertinent
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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.
- A 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. Other
attachments, including other relevant photos, descriptions, explanations
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.
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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.
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ABC Appraisal Inc.
phone (203) 239-1988
 fax
(203) 239-6494
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