Frequently Asked Questions

What is an Appraisal?

Appraisers must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP), ensuring reports are well-researched, accurate, and defensible. Licensed appraisers undergo rigorous education, testing, and field experience to ensure professional competency.

What is the role of the appraiser?

Appraisers provide unbiased, well-supported opinions of value to assist with real estate transactions. Their findings are presented in detailed appraisal reports.

Why Choose The Appraising Group?

There are numerous reasons to request appraisal services from The Appraising Group, including:

Mortgage and real estate transactions
Refinancing or loan applications
Determining if you have 20% equity to cancel PMI
Contesting inflated property taxes
Estate settlements
Property valuation for purchase negotiations
Determining an accurate listing price
Resolving disputes related to eminent domain
IRS property valuation requirements
Legal proceedings that require property valuation

How Does an Appraiser Differ from a Home Inspector?

Appraisers focus on estimating a property’s market value, while home inspectors assess a property’s structural integrity and systems (e.g., plumbing, HVAC, roofing). Appraisers evaluate value; inspectors evaluate condition.

CMA vs. Appraisal: What’s the Difference?

A Comparable Market Analysis (CMA) is an estimate prepared by a real estate agent that offers a broad price range based on market trends. An appraisal, conducted by a certified professional, is a detailed and defensible opinion of value. Appraisers adhere to strict industry standards and ethics, ensuring impartiality.

What’s Included in an Appraisal Report?

An appraisal report typically includes:

Client details and intended use of the report
Property characteristics (e.g., location, size, condition)
Legal descriptions, easements, and restrictions
Analysis of comparable property sales
Scope of work and methodology used to determine value

Ensuring Accuracy in Appraisals

Who Hires an Appraiser?

Appraisers are often engaged by mortgage lenders, attorneys, government agencies, and individual homeowners for valuation needs in real estate transactions, tax disputes, or legal matters.

Where Does an Appraiser Gather Data?

Appraisers collect property-specific data through inspections and public records, while broader market data is obtained through MLS systems, tax records, FEMA data, and other verified sources.

Why Hire a Certified Appraiser?

Certified appraisers provide independent, reliable value assessments essential for financial decisions, estate planning, or resolving disputes.

Understanding PMI and How to Remove It

Private Mortgage Insurance (PMI) is typically required when homeowners have less than 20% equity. If your home’s value has increased since purchase, an appraisal may demonstrate sufficient equity to remove PMI. Contact The Appraising Group to explore your option

Preparing for an Appraisal Inspection

To ensure a smooth inspection, consider having the following available:

Property survey or plat map
Documents related to easements or encroachments
Recent inspection or maintenance reports
Purchase agreements or broker data sheets (if applicable)
Real estate tax documents with a legal property description

Defining Market Value

Market value reflects the most probable selling price in an open, competitive market where both buyer and seller act knowledgeably and without undue pressure.

Who Owns the Appraisal Report?

In mortgage transactions, the lender orders and owns the appraisal report, even if the buyer pays for it. In cases where a homeowner hires an appraiser directly, the report is theirs to use as intended.

Which Home Improvements Add Value?

While location remains the biggest factor in home value, kitchen and bathroom renovations often offer the highest return on investment. Adding bedrooms, updating systems, and enhancing curb appeal can also boost value.

For professional appraisal services, contact The Appraising Group today at (215) 531-7979.