What is an Home Appraisal?

Understanding what an appraisal is, and how it is doneappraiser will also be photographing the outside of
can help maximize the appraised property's value.the property, possibly the inside and probably the
Appraisers typically do the following when appraisingstreet scene.
a home or residential property (as compared to aWhat to do when the appraiser makes his
business). First, they research the property anyoneappointment to visit your home? Appraisers are
can get from public records regarding the year thehuman and although they try to work as objectively
home was built, and sometimes by what builder, theas possible, I know they can be positively or
size of the home measured usually in square feet,negatively influenced even if subliminally influenced by
and the number of bedrooms, bathrooms, and howwhat they see and hear. So, clean up your property
large the yard is. This, along with knowing whatputting away offensive looking items. Mow the grass,
neighborhood the home is located, gives them a basethey look at that. Straighten up and clean the inside
of knowledge.of the home as well. Everything will help the appraisal.
Next, an appraiser will gather and compare otherLast, and this is important. If you received an offer
homes similar to the subject. Usually, the appraiser willfor your home higher than you, after considerable
look for three or more homes within a one mileresearch, determine the home's worth, you will have
radius, and that have sold within the past six months.to justify this to the appraiser. Again, the appraiser
Of course there are occasions where they have tothinks he is objective and 90% of what he records
reach outside these generalized boundaries or closeand compares is objective, but if you know positive
them in because they get too few or too manythings about your home that his "comps" may not
homes. With in the Phoenix MLS, real estate canhave, type a list and leave it for him, or even hand it
range from being tightly built, to large cotton or citrusto him. Some of these items in the Phoenix area may
farms that are a mile square themselves. Theseinclude whether your home is on a preserve or
three or more homes then are the "Comps" oragainst a golf course where his other comps are not.
Comparable Properties that the appraiser will use toBe sure to let him know if and how much your "lot
compare your home, or the subject property against.premium" was you paid. Or if you have just
Last comes a field inspection. For the subjectrehabilitated your home, make sure he knows how
property, the appraiser is going to walk the perimetermuch all the new items were. He will not want or ask
of the exterior then walk the interior. He will befor receipts, but a list with an estimate if, say you
noting both the good, bad and ugly. Hopefully, yourput $50,000 of upgrades in your home, could just
subject home in Phoenix, Ahwatukee, Chandler orbring the appraisal in at the price you accepted.
Gilbert will be the nicest in the neighborhood. The