Step 8

Appraisal

What Role Does the Appraiser Play?

1  Determines property value (How?)

The appraiser will collect information from sales of:

• New Construction
• Sale of established Properties (Compare subject property to sold properties)

2  Sees to it that lender property requirements are met

3  Addresses property condition and documents such with review of property home inspection and personal inspection

4  Determines if the property is code compliant

Value depends upon ones perspective

Miscellaneous Notes:

Criteria for legal bedroom:

• Separate entry,
• Closet with door,
• Window large enough to craw through.  (Bottom ledge 40-45 inches off floor)
• Exterior siding not touching ground (VA requires 4-5 inches)
• Ceiling heights (Normal 8’, Less than 6’6” is a problem)

Who pays for appraisal?

• Normally the seller pays and that money is collected and paid before appraisal is performed.

Please use the form below for any questions you may have.