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Process: Harry Bing Discusses Appraisal




When you get around to the appraisal, The difference between the appraisal and the home inspection. The home inspection is mainly concerned about the condition of the property, not the value, just the condition, but the appraisal, he's concerned about the value of the property, all the concern about the condition, affects the value.

So 80% of the work that the appraisal is going to do, he is actually to do it in his office on his computer. When he comes out to the property, he's going to some measurements, take some photos of the house, walk around the house, check out the roof. He's gonna look for comparable to those other houses that are similar, that have sold in the same neighborhood. He's going to take pictures of the street, the houses that are comparable houses. He's going to assemble all of that and he's going to make adjustments for size, condition, lot size, swimming pool, two-car garage, one-car garage. He's going to make all of those adjustments. This is going to wind up with a value.

Now the process generally takes about, say, 10 business days is about average right now. So be patient with it. You don't need to be there for the appraisal,  Generally, the listing agent is there to let the appraisal in. If not him, your buyer's agent can take care of that for you.
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