FAQs
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What is an appraisal?
Simply put, a real estate appraisal is the process of developing a highly educated opinion of value (usually market value) for real property. There are many reasons you may need an appraisal such as purchases, refinances, estate valuation and divorce. Additionally, there are several factors that determine the value of your property.
When do I need an appraisal?
An appraisal may be useful for estate and trust matters, divorce, litigation, a private purchase or sale, a buyout, or other property decisions. Sierra Nevada Appraisal Group focuses on non-lending assignments for private clients, attorneys, and fiduciaries.
What will the appraiser be looking at when they visit my home?
During the site visit, the appraiser will be noting many features of the home. They will measure the home to determine living space square footage and how that compares to county records. The appraiser will be noting various construction features to determine the building quality of the home and the overall condition. They will also note any specific features of the home or other improvements on the property. Typically the appraiser will go in all the rooms of the home as well as additional structures and take photos for the report.
What is the difference between an appraisal and a home inspection?
The appraisal determines the market value of the home. A home inspection determines the home's functionality and features. An appraiser observes the home in its current condition, typically during a site visit. A home inspector tests the home to determine if the features of the home function properly.
How should I prepare for my appraisal?
Please arrange access to the areas included in the inspection, secure pets, and provide any plans, permits, repair information, or other records relevant to the assignment. The appraiser observes the property for valuation purposes; the visit is not a home inspection or code-compliance inspection. We will confirm any assignment-specific requirements before the visit.
What is a comp?
The term ‘comp’ refers to a comparable property. In the appraisal process, the appraiser will determine similar properties that have sold to be comparable to the subject property. Comparable sale prices are then typically adjusted for features that may be different.
How long does the appraisal process take?
The first step is determining the scope of the assignment, since timelines vary based on the property type, intended use, and complexity. We work closely with each client to meet their specific needs. Many appraisals are completed within a few weeks of initial contact, although some projects, particularly litigation or retrospective assignments, may require additional time for research and analysis.
How long is an appraisal good for?
An appraisal provides an opinion of value as of a specific effective date. Whether it remains useful for a later decision depends on its intended use, changes to the property, market conditions, and any requirements of the party relying on it. Contact us if you need to know whether an updated opinion is appropriate.
Is personal property valued in an appraisal?
A real estate appraisal generally addresses the real property interests identified in the assignment. Whether an item is treated as real property or personal property depends on the item, how it is attached or used, applicable requirements, and the scope of work. Tell us about any equipment, furnishings, or other items that need separate consideration.
What are my improvements worth?
The real answer is, it depends. The appraiser will determine the real estate market’s reaction to the individual feature. A pool may be much more valuable to the market in Southern California than it is in Alaska.
What is the difference between an appraisal and a real estate agent’s comparative market analysis (CMA)?
A real estate agent’s comparative market analysis (CMA) is a useful tool to grasp a ballpark figure when deciding on a list price for a home. An appraisal is prepared by an unbiased third party and provides specific comparable properties that are adjusted to show the most probable price the subject property would sell for (market value). The appraiser is a licensed certified professional whose sole job is to accurately determine values in an unbiased manner.