Frequently Asked Questions
FAQs
What happens during the appraisal inspection?
A licensed appraiser will conduct a thorough inspection of the property. Interior/exterior photos and measurements will be necessary. The appraiser typically will view each room of the home, mechanical components, and sometimes attic/crawl space areas. Factors such as condition of the home, upgrades/additions, and deferred maintenance, etc. are noted. Appraisal inspection time is typically less than one hour. The report can be expected to be submitted in approximately seven business days or less.
How much will my appraisal cost?
A consumer in Northeast Missouri can generally expect a typical appraisal to cost anywhere between $300 and $500. This largely depends on the appraiser’s scope of work. Rural properties, complex properties, or properties a significant distance from the appraiser can oftentimes command a higher fee.
How long is my appraisal good for?
An appraisal never expires, however, a typical appraisal will likely be good for 90 days. This length can vary depending on loan type and current market trends. Conventional, FHA, USDA, and VA loans are typically good for 120 days, with some updating of report being required. A private appraisal is good for any length of time, but it should be noted that the real estate market is always changing, and the appraisal may become outdated after a reasonable length of time.
What kind of information should I provide the appraiser?
The appraiser needs to know as much information about the property as possible. It is helpful to provide a list of any recent updates/timeframe of updates, any plats, surveys, deeds, covenants, HOA documents, and inspection reports. Additionally, any energy efficient items the home may have is worth noting. Depending on the loan type, the appraiser may need access to the attic and crawl space entries. It is a good idea to have these easily accessible to prevent additional return fees.
Who orders the appraisal?
Generally, the mortgage lender orders the appraisal directly from an appraiser; the lender is the client. Sometimes the lender will use a third party management company (AMC) to manage the appraisal process. However, individuals can request an appraisal for private use. These private appraisals cannot be used for mortgage lending use.
Will I receive a copy of my appraisal?
Yes. However, when the appraisal is ordered for mortgage lending use, only the borrower will get a copy of the appraisal. The lender is the client and they are the party responsible for providing the borrower with a copy. The seller/homeowner does not get a copy in this instance. The Equal Credit Opportunity Act requires creditors to send a copy of the home appraisal to the borrower after it is completed.