What Happens During a Real Estate Appraisal?

Before a home is purchased, it usually inspected by a certified appraiser assigned to a specified house. The appraiser's duty is to report the actual value of the house. This step is necessary, especially for home buyers taking out a loan, or a financial institution.

Inside the home or property:

Once a licensed appraiser has been hired to inspect the property's true value, he or she does a walk-through and makes notes of obvious damages, non-working items, or potential dangers in each room. Measurements of each room are also documented during this time as well.

Outside of the home:

The outside of the property, garage or carports are also searched for damages, the landscaping, and exterior condition of the house is also documented.

Completions:

Once the inspection is complete, the appraiser will give the buyer recommendation of repairs needed, and comparison of other properties nearby. The appraiser gives all the collected data to the lender, which includes an estimation of repair or upgrade costs. Homeowners may request a duplicate of the appraisal to have for their personal records.