Frequently Asked Questions
welcome to:
VALLEY OF THE SUN APPRAISALS
welcome to:
VALLEY OF THE SUN APPRAISALS
A Full Service Residential Real Estate Practice.
What is your typical
turn-around time?
Our typical turn-around time is less than two business days after the
inspection is completed. 24-hour turnaround times are also available.
How do I get a copy of
my appraisal report?
Our clients can receive reports as PDF files or in hard copy form.
Borrowers cannot receive copies directly from us per federal guidelines
but they are entitled to a copy from the lender upon request.
What is an appraisal?
An appraisal is the process of developing an opinion of value. There are
many kinds of value but the most commonly used in residential real
estate is known as market value. Market value is defined as is the most
probable price, as of a specific date, in cash or terms equivalent to cash
for which the specified property rights should sell after reasonable
exposure in a competitive market under all conditions requisite to a fair
sale, with the buyer and seller acting prudently, knowledgeably and for
their self-interest, and assuming neither is under duress.
Why do appraisers
charge so much when
they only spend 30
minutes at my house?
Beside the 30-45 minutes an appraiser spends inspecting your property,
approximately one hour is spent researching data, an hour is spent
driving by comparable sales, another hour is spent driving to and from
your property and an additional 3-4 hours are spent writing the report.
Why can the appraised
value differ from the
estimated value I was
given by my real estate
agent?
Usually we're asked this when the appraised value is lower than an
estimate provided by a real estate agent. Appraisers are required to
consider closed sales of comparable properties and to give minimal
consideration to active listings or pending sales of comparable
properties. Real estate agents often use active listings and pending
sales in their development of a Comparative Market Analysis (CMA),
which can affect the estimate greatly. Also real estate agents are not
required to use a standard process in developing their estimate of value,
therefore estimates may vary greatly between real estate agents.
Which improvements
add the most value to my
property?
Generally speaking your property may increase in value by between 50%
to 70% of the cost of any improvement. Maintenance items such as
replacing the flooring and painting add minimal value. Adding an
in-ground pool or spa typically adds between 40% to 50% of their cost.
