Frequently Asked Questions (FAQ)

1. What is a real estate appraisal?

A real estate appraisal is a professional, unbiased opinion of a property’s market value prepared by a licensed or certified appraiser. Appraisers analyze recent comparable sales, market conditions, property characteristics, location, and other relevant factors to develop a supported opinion of value. We provide residential real estate appraisal services throughout Orange County and surrounding Southern California communities.

2. Why do I need an appraisal?

You may need a real estate appraisal when buying or selling a home, refinancing, removing PMI, settling an estate, planning for a trust, divorce, tax purposes, or making other important real estate decisions. An independent residential appraisal provides a professional opinion of market value to help you make informed decisions.

3. What does an appraiser do?

A real estate appraiser inspects the property, researches comparable sales and local market conditions, analyzes the property’s location, size, condition, features, and improvements, and prepares a detailed appraisal report supporting the opinion of value. The appraiser provides an objective and independent professional assessment of the property’s market value.

4. How is an appraisal different from a home inspection?

A real estate appraisal determines a property’s market value, while a home inspection evaluates the condition and functionality of the home’s systems and components, such as plumbing, electrical, roofing, and structure. An appraiser focuses primarily on value, while a home inspector focuses on the physical condition of the property.

5. Is an appraisal the same as a CMA (Comparative Market Analysis)?

No. A Comparative Market Analysis (CMA) is typically prepared by a real estate agent to help estimate a property’s potential listing or selling price. A real estate appraisal is prepared by a licensed or certified appraiser and provides an independent, supported opinion of market value based on professional appraisal standards and market analysis.

6. What factors affect a property’s value?

A property’s market value can be influenced by many factors, including location, living area, lot size, condition, quality, age, views, upgrades, recent comparable sales, and current market conditions. An appraiser analyzes these factors along with local real estate market data to develop a supported opinion of value.

7. How long does the appraisal process take?

The appraisal process typically takes a few days to about a week, depending on the property type, complexity of the assignment, availability of comparable sales and market data, and the type of appraisal needed. More complex or unique properties may require additional research and analysis.

8. How should I prepare for an appraisal?

Make sure the property is accessible to the appraiser and provide information about any recent renovations, upgrades, or improvements. If available, you may also provide relevant documents such as permits, surveys, floor plans, or a list of improvements. This information can help the appraiser better understand the property and its features.

9. Who hires the appraiser?

Appraisers may be hired by lenders and appraisal management companies for mortgage-related transactions. Homeowners, attorneys, accountants, estate planners, trustees, investors, and other private clients may also hire an appraiser directly for non-lending purposes such as estate planning, divorce, tax matters, trusts, or determining a property’s market value.

10. Who owns the appraisal report?

The appraiser’s client is the individual or organization that engages the appraiser for the assignment. For lender-ordered appraisals, the lender or appraisal management company may be the client, while borrowers generally receive a copy as required by applicable regulations. For private appraisals, the person or organization that hires the appraiser is typically the client. The appraisal report is intended for the client and any other intended users identified in the report.