does an appraiser come inside your house

Adler, owner of Appraisals Unlimited, Inc., echoes that sentiment. “A busy, active market can slow the turnaround time,” Raymer says.Īaron M. For instance, if the house is a high-end or specialty property, you may need to wait longer for an appraiser who’s qualified to evaluate it.Īnd when mortgage rates are lower, lots of people want to refinance, which requires an appraisal.

Condition: Appraisers will seek comps with similar levels of upgrades and repair.Īppraisals can take longer than that estimated timeline under certain circumstances.

Similar home style and age: Comparable homes will ideally have similar styles, amenities like garages and pools, and be built as close to the same year as possible.

Square footage and lot size, including details like the number of bedrooms, number of baths, layout, and footprint.

How close it was to the subject property: Of course, real estate pricing is all about location, location, location!.

However, recent sales aren’t always available, so comps may come from earlier sales up to a year or so.

How recent the sale was: Comps that have sold within the last 60 days are most ideal because they will best reflect current market conditions.

Multiple factors go into determining what makes a comparable house for purposes of the analysis. The examiner will look at recent sales of similar properties, usually sold within the last year, to establish a reasonable cost for the home.

In order to appraise the home, most appraisers will base their evaluation on so-called comps. Source: (Olivier Le Queinec / Shutterstock) Here’s everything you need to know about the appraisal process, including how long an appraisal should take and what to expect.

While the appraisal may take longer than the home inspection did, it generally won’t take long enough to leave you on the edge of your seat. If it doesn’t, it creates another round of negotiation “and the potential of not closing.” The appraisal can make or break your mortgage loan, so you may be feeling a little bit antsy right now - which is a perfectly normal feeling, according to Alan Daniels, a real estate agent who ranks in the top 1% of Colorado Springs agents.īuyers want to make sure that the home appraises at least at the sales price, he says. That way you’ll know exactly how much your property is worth, and your lender can feel secure in their investment. But before you can call this place yours, in order to get your financing, you’re going to need a home appraisal. So, you found your dream home, made an offer, and (congrats!) the seller accepted.

Does an appraiser come inside your house