Q:
What is an appraisal?
A: A real estate appraisal is simply an unbiased opinion of the value of specified
rights or interests in real estate, by a qualified individual.
Q: What types of appraisal services does
Hallmark Residential, Inc. provide?
A: Hallmark Residential, Inc. provides valuation services of all types from one
to four family residential real estate properties. Our appraisers are qualified
to provide appraisals for first and second mortgage lending, and limited scope
assignments including inspections, exterior-only inspections, appraisals for real estate owned and foreclosure purposes,
as well as pricing consultations for property marketing.
Q:
What qualifications are appraisers required to have?
A:
Colorado requires that all real estate appraisers be state licensed or certified
and have fulfilled education
and experience requirements. They must adhere to strict industry standards and a
professional code of ethics as promulgated by the Appraisal Foundation.
All Hallmark Residential, Inc. appraisers are state licensed or certified.
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Q: What factors does the appraiser
consider when appraising a
property?
A:
The appraiser looks at a number of aspects of the property to
estimate value. Style, age,
overall condition, square footage, quality of construction and other factors that
influence marketability, such as; neighborhood, location, proximity to schools,
zoning, recent sales, design, floor plan, etc.
Q: How can
I prepare for
the appraiser?
A:
-
Make yourself available to meet the appraiser at any time
-
Have a copy of the survey of the property
-
Have original plans and specifications if available
-
Have a list of recent improvements & the costs
-
Give additional information you feel is pertinent
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Q: What's
included in a typical appraisal report?
A: In addition to the main appraisal reporting forms which contain
information on, and analyses of the subject property, neighborhood and market,
there are typically many attached exhibits. Depending upon the level
of the report and inspection, these include:
- Pictures of the subject property and
comparable sales.
- A detailed sketch of the subject property that
is used to calculate square footage and show the functionality of the
floor plan.
- A location map with the locations of the
subject property in relation to the comparable sales utilized in the report.
- A flood map showing the location of the
subject.
- All appraisal reports contain the Statement of
Limiting Conditions and Appraiser's Certification. Other attachments,
including other relevant photos, descriptions, explanations and addenda may be
included if necessary.
Q: If I pay for the appraisal, does the appraiser work for me?
A: No. You would think that if you pay for the appraisal, you own the
report. The appraiser works for whomever orders the appraisal, regardless of who pays for
it. The appraiser is not at
liberty to discuss any portion of an appraisal with anyone other than the
person who ordered the appraisal unless otherwise instructed, regardless of
who pays for the appraisal.
Q:
Can I get a copy of an appraisal a lender ordered on my home?
A: Yes. Your lender is required provide you
with a copy of an appraisal report upon request. However, because the
lender is typically the client of the appraiser, the appraiser is not allowed to
discuss any specific information on the appraisal to anyone, including the
borrower, without the lender's approval. With proper approval, the appraiser
can discuss
any information regarding the appraisal with the homeowner.
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Q: How long does an appraisal take?
A:
The typical residential report can be completed in 48-72 hours from the time of
the initial physical evaluation. The physical evaluation of the property
being appraised can take from fifteen minutes to several hours, depending upon
the size and complexity of the property and appraisal.
After the physical evaluation of the property, the appraiser tours the area to search for
other properties that are similar to the property being
appraised, that have sold within the last year. After the field work is done, the appraiser completes the
written report. A short form report typically
takes between two to six hours to complete. A narrative report can take weeks
or months, depending upon the complexity of the assignment.
Q: Can
Hallmark Residential, Inc. deliver appraisals
electronically?
A: Yes. Our network appraisers have appraisal
software that allows transmission of appraisal reports through the internet.
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