Most people have had an experience with Residential Appraisals. Whether you are a homeowner or real estate agent, Residential Appraisal is something that happens to you at some point in your life. Residential appraisers can be private sector employees for banks and mortgage companies, they can work for the federal government’s Federal Housing Authority (FHA) or Veterans Administration (VA), or they can work at local appraisal districts where each county has its own way of doing things but Residential Appraisal is never far away.
The process of a Residential Appraisal can be confusing to some people, so I want to try and explain it in this blog post. The first step is for the appraiser to contact you, usually by phone, and schedule an appointment time. It is important that you are available at the time of the appointment because the appraiser will need to visit the property and take pictures to learn more fake drivers license. The appraiser will also want to walk through the home and ask you some questions about it.
Once the appraisal is complete, the appraiser will send you a report that includes their findings and an estimated value for your property. If you have any questions or concerns about the Residential Appraisal, don’t hesitate to contact the appraiser. They will be happy to answer any questions you have.
Residential Appraisal is an important part of the home buying process, and it’s important that you understand what’s involved in this process. I hope this blog post has helped clear some things up for you! If not, please feel free to contact me and I’ll be happy to help.
Now that you understand Residential Appraisal a little better, let’s move on to the next step in the home buying process: getting pre-approved for a mortgage.
How do residential appraisals work?
A common question that people have is what the process of getting an appraisal involves, and how it will benefit them as homeowners in terms of value increase on their homes (or decrease).
There are two types – certified local market analysis used primarily for land titles; but there may be some differences depending where you live within a state/province boundaries: national tracks with nationwide data available through PCMA(Professional Judgment Management Association), located at www.pcmapa.com.
The major difference between these could lie within timing since CMLs take longer than PJA’s to complete due largely because they require reviewing sales over more months before determining values whereas NTM does not give much slack when it comes to timeliness; some PJA’s have been known to complete their appraisals in 48 hours.
The certified local market analysis (CML) is the most common Residential appraisal and it’s used primarily for land titles. The process of a CML can take longer than a national track with nationwide data, but it’s more accurate because it reviews sales data over a longer period of time.
The national track with nationwide data (NTM) is less accurate than the CML, but it’s much faster to complete. This is because it doesn’t rely on local sales data, which can be harder to find.
Both types of Residential appraisals are important, and it’s important to understand the difference between them. If you have any questions, don’t hesitate to contact me. I’ll be happy to help.