Frequently Asked Questions

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In order for you to obtain a mortgage loan, your property value must be assessed. This value is estimated by a professional real estate appraiser. This value is used by your lender to demonstrate security for the loan they will provide.

What is a real estate appraiser?

A real estate appraiser is a professional who has received education and training in estimating property value. Continuing educational hours are needed each year to maintain this state appraisal license. There are strict guidelines and standardized methods to ensure the value you receive is fair. Georgia law requires licensing for all appraisers who estimate fair market value for federally backed loans.

How does the appraiser determine the value of a property, and what factors are considered when estimating the value?

  1. The appraisal is an estimate of the fair market value of your property. It includes an analysis of all structures that are permanently attached to the real estate. Neighborhood sales are found and compared to your property. If the comparable sale has a feature that is superior to your property, a negative adjustment is made to its sold price. If the comparable sale has a feature that is inferior to your property, a positive adjustment is made to its sold price. There are strict guidelines and standardized methods to ensure the value you receive is fair.

  2. Physical features of the home: The appraiser views your home as if he were an interested buyer. The age, physical condition, appeal and construction quality are all considered. The home and all structures are measured.

  3. Location: We've all heard the phrase "location, location, location." Neighborhood factors that are considered include the appeal of other homes in the neighborhood and access to goods, services, and employment.

Who is responsible for paying for an appraisal?

The fee is usually paid by the homebuyer if the appraisal is associated with a sale. In refinance transactions, the homeowner or lender will pay the appraisal fee. Different form reports are utilized by lenders and fees for these reports range from $250 to $450. Narrative, commercial reports are priced according to the scope of work.

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