Q. What is a real estate appraisal?

A. A real estate appraisal is a market-value assessment of a property by a certified, professional appraiser who provides an unbiased value opinion based on various factors such as size, condition, location, external market factors and comparable sales.

Q. What is the process for obtaining a residential real estate appraisal?

A. Upon ordering an appraisal, an appointment is made for the appraiser to visit and inspect the property. At the inspection, the appraiser will measure the exterior of the structure for livable square footage (heated space), walk the grounds, take photographs of the interior and exterior, take notes on the finishes of the property and interview the homeowner/client regarding any updates or renovations that the property has received.

After the inspection, the appraiser will research and analyze the property’s market and select similar “comparable” properties that will help determine the market value based on condition, quality and amenity adjustment made to the comparable properties. A written report will then be delivered to the client with detailed information about the property, the comparable properties, market data and, finally, the appraiser’s opinion of market value.

Q. What do I need to provide the appraiser at the appraisal inspection?

A. The appraiser will need access to the whole property (structure and grounds) for approximately one hour. It is helpful if gates to backyards are unlocked and any pets are secured during the inspection. Photos will be taken of the interior. Cleanup is not required, but the photos will be included in the report. The appraiser will ask about any updates the property has received. It is always helpful for the owner to make a list of any updates/renovations/repairs that have been made during their ownership, but it is not required (i.e., the master bathroom was completely remodeled in 2018 and new kitchen countertops were installed in 2021). After the inspection, the real work of analysis begins and the report is typically delivered within five business days of the property inspection.

Q. How long does the residential appraisal process typically take?

A. The duration of a residential appraisal process depends on several factors, such as the property’s size, complexity, availability of data and the appraiser’s workload. Generally, the property visit takes approximately 30 minutes to two hours and delivery of the report typically is about five business days after the property visit.

Q. What factors influence the value of a residential property?

A. Various factors can influence the value of a residential property, including location, size, condition, amenities, recent sales of comparable properties and prevailing market conditions.

Q. What is PMI and how can I remove it?

PMI (Private Mortgage Insurance) is a type of insurance required by lenders when the borrower has a down payment of less than 20% on a conventional mortgage. A PMI company provides insurance coverage to protect the lender in case of borrower default. PMI removal typically requires reaching a loan-to-value (LTV) ratio of 80% or lower. If you obtain an appraisal that proves sufficient equity in your home (80% or lower), you can request PMI removal from your lender. NOTE: Always contact your lender to determine if you are able to order/provide your own appraisal or if they need to order the report from their list of approved vendors.

Q. What is a tax appraisal and why is it important?

A. A tax appraisal determines the value of a property for tax assessment purposes. It helps local authorities calculate property taxes based on the property’s assessed value.

Q. Why might I need a residential appraisal for divorce proceedings?

A. An appraisal for divorce purposes helps determine the fair market value of marital property, such as real estate assets, to facilitate the equitable division of assets during divorce proceedings.

Q. Can a residential real estate appraiser help with estate appraisals?

A. Yes, real estate appraisers are often involved in estate appraisals. An appraiser determines the fair market value of properties to assist with estate planning, for tax purposes or the distribution of assets after a person’s passing.

Q. What should I expect during a home-measurement service?

A. A home-measurement service involves an appraiser measuring the dimensions of a property’s exterior walls, including square footage calculations. This information is important for accurate property valuation and marketing purpose

Q. What services does Appraisalsmith offer?

A. Appraisalsmith is a full-service provider and offers residential property appraisals, home measurements, tax assessments and appraisals for divorce, estate purposes, or any need for an assessment of a property’s value.

Q. What are your payment options?

1. Appraisalsmith requires payment on or before the day of the property inspection. We accept the following payment types (please reference last name and property address in notes section of all payments):

Zelle: info@appraisalsmith.com

Venmo: info@appraisalsmith.com

PayPal: info@appraisalsmith.com

Cash, check or cashier’s check accepted at property inspection with prior approval and should be made out to Appraisalsmith, LLC.

Q. How can I contact your residential real estate appraisal company?

A. You can reach Appraisalsmith by calling 404.386.0750 or by completing the contact form on our website. Our team will be happy to assist you with any questions or appraisal-related inquiries.