Frequently Asked Questions
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How long does an appraisal take to come back?
Each appraisal assignment is different with the average time to complete an appraisal 5-6 business days.
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What assurance is there that the value indicated is valid After the report is completed?
An appraisal is an opinion with the result based upon the level of experience and appraisal ability. (you don’t get any assurances)
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What exactly is PMI and how can I get rid of it?
PMI is mortgage insurance. Some lenders require it if the down payment on a home is less than standard (20%). FYI mortgages often carry PMI. Typically, your lender will have specific guidelines to follow in the elimination of PMI.
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What is the difference between an appraisal and a comparative market analysis(CMA)?
A CMA is done by a realtor. They have a vested interest in selling your home. An appraiser is much more experienced in estimating values and typically has seen many more properties than a realtor. It’s very surprising to me to hear how some realtors arrive at estimated asking prices. An appraisal is based upon like properties to have recently sold and or are currently for sale. The key word is like properties.
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What type of appraiser do I need?
An appraisal is based on the type of style home and the purpose of the appraisal. It’s one of the most important items for an appraiser to determine the scope of the appraisal and the correct way in which the property is to be appraised.
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How long is my appraisal "up-to-date"?
In general, an appraiser's value is typically accurate for around 90 days. After 90 days there are market conditions that impact real estate values and specific properties (summer/vacation homes for example).
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Wake county?
We belong to the Rhode Island Multiple Listing Service – which lists most properties for sale.
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Who actually owns the appraisal report?
An appraisal is completed for a client and the client is the user of the report with the report having a one-time use. A new assignment is created If the scope of the assignment changes or the user changes.
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What are some questions to ask potential appraisers?
How much experience do you have in appraising this type of home in this market?
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Can an appraisal help in determining the value of a property during divorce proceedings?
Yes, an appraisal plays a crucial role in determining the fair market value of a property during divorce proceedings. It provides an objective assessment of the property's worth, aiding in the equitable division of assets.
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How can a real estate appraisal assist in establishing the value of trust assets?
A real estate appraisal is vital in establishing the value of trust assets, especially real estate properties. It provides an unbiased assessment of property value, helping trustees fulfill their fiduciary duties and make informed decisions regarding trust management.
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How can a real estate appraisal support my tax assessment appeal?
A professional real estate appraisal provides strong evidence for your tax assessment appeal. It assesses the accurate market value of your property, helping you demonstrate an overvaluation and potentially lower your property tax burden.
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Why is a flood zone appraisal important for properties located in flood-prone areas?
A flood zone appraisal is crucial for properties located in flood-prone areas as it assesses the property's vulnerability to flooding. It provides valuable information about flood risks, mitigation measures, and impacts on property value, helping property owners and stakeholders make informed decisions.
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How can I get in touch with your real estate appraisal team?
We make it easy to reach our real estate appraisal team. You can contact us by phone at (401) 667-0552, or you can fill out the contact form on our website. Our friendly team will promptly respond to your inquiries and provide the assistance you need.