Nationwide property & appraisal Services

Appraisal FAQs

What is an Appraisal?

An appraisal is an unbiased and independent estimate of your property's market value by an un-invested professional third party. Simply put, this is a report that will tell you how much your home is worth.

Why do you need an Appraisal?

An appraisal is generally required by the Lender to determine the value of the home which is being used as collateral for a mortgage or other loan type. The Lender will need to ensure that the value of your home meets the requirements for your specific loan program. Appraisals are an important part of the mortgage financing and are a recognized and detailed process to determine the market value of your home whether you are purchasing or refinancing your home.

Who does the Appraisal?

A Licensed Real Estate Appraiser who is an independent third party must complete the appraisal. They have no financial stake in the outcome of the transaction.

What is the role of the Appraisal Management Company or AMC?

The Lender will engage a qualified AMC, like Nationwide Property & Appraisal Services to facilitate the appraisal process. Only qualified Appraisers competent in the market are assigned to complete the appraisal order.

What are appraisers looking for specifically?

- Total square footage of home. Size of lot. Total room count
- Quality of materials used to construct the home, interior and exterior.
- Type and quality of fixtures and appliances.
- Quality and condition of foundation, roof and all structural elements
- Amenities that could add value include fireplaces, pools, decks, outbuildings, etc.
- Recent upgrades/improvements such as bath remodel or kitchen upgrade. A list of these items should be provided for the appraiser at time of inspection.

Are there any suggestions to make the appraisal process as smooth as possible?

- List of any recent upgrades or improvements to the home in the past 5 years
- Provide a copy of the plat map or survey if they are available
- All safety equipment installed and operating properly in the home (including smoke detectors, carbon monoxide detectors, etc.)
- Everyone has an opinion on the value of their home, but there can be no discussion of value, comps to be used, etc. with the Appraiser at all before, during or after the appraisal process. The Appraiser must conduct an independent evaluation of the property to conform to the lending and agencies guidelines. Any undue influence could delay the appraisal process.

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