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How, who, when, why and how much?
Why do I need an appraisal?
An appraisal is an estimated value of the house you’re buying. Because the size of your loan is connected with the home’s value, an appraisal needs to happen before your loan is 100% approved and you’re what we call ‘closing-ready.’ We like to get this moving nice and early, so we can be closing-ready as early as possible and your closing is nice and relaxed with plenty of time in hand, so you can focus on the fun stuff.
How long does an appraisal inspection take?
The inspection itself will usually take 15-45 minutes, depending on the size of the property. The entire process includes ordering, scheduling the appraisal with the appraiser, seller and seller’s agent, conducting the appraisal, then preparing and issuing the report to you. Even though some of that is out of our control, we like to have it done within a few days, but it can take a week. To get you closing-ready as soon as possible, we order your appraisal as soon as you’ve added your property,
Can I use or transfer a recent appraisal?
No. As the lender, we do not use appraisals from other home loans and order our own appraisals. The only exception is if the appraisal has been for an FHA loan and within the last 90 days.
How does Beeline do appraisals?
Once you've found your home, chosen and confirmed your loan — that's when the appraisal will be ordered. To make this happen as fast as possible, we’ve partnered with Veptas, who match local appraisers with your appraisal — kind of how Uber matches drivers with ride sharers. This means you’ll have your appraisal report within a few days and be closing-ready with time to spare.
Why are they taking pictures inside my home?
The appraiser takes pics so that when the file is being underwritten, the reviewer can get a good idea of the quality and condition of the home. If they happen to capture any happy snaps of you and your family/friends on your walls or desk, they’re blurred by the appraiser for compliance reasons.
The appraiser has a list of repairs. What now?
If there are repairs that affect the soundness and safety of the home, they’ll need to be repaired before we can close your loan. Once the repairs are complete we’ll have the appraiser come back to the home and verify they’re complete — then we can continue on to that glorious closing day.
I don’t agree with the appraised value. What do I do?
Contact your Loan Guide to discuss the rebuttal process. Here are some things you should have on hand: ● A list of errors if any in the report ● Narrative describing your differing opinion ● At least three comparable properties (contact a local realtor if you need to, they’ll be happy to help). The properties should be sold and have closed in the past 6 months so, no listings.
What is the difference between a home inspection and an appraisal?
A home inspection is an examination of the condition of a home. Home inspections are done by a home inspector who has the training and certifications to make sure the home is in the proper condition for purchase. If they find any issues, they’ll let you know, so you can be fully aware of the condition of the entire home inside and out. An appraisal is a report to find out the value of the home — an appraiser will visit the property to assess the property, they’ll take pictures of the inside an
When will an appraiser call to schedule an inspection?
That depends — if your appraiser is doing a ‘drive-by’ appraisal, they won’t need to get in touch with you beforehand. If the appraiser is doing an interior inspection, they’ll call you within a few days of you signing your Intent to Proceed form.
What if I don't agree with the appraised value?
You can dispute the value of an appraisal. You just need to fill out a specific form, and include any research you’ve done of comparable sales to replace the appraisal you received.
When will the appraisal be delivered back?
It depends on where you are in the country but in most cases a couple of weeks — occasionally, it could take several weeks.
What happens when the appraiser shows up?
They’ll walk through your home and make a sketch, take pictures and ask you some general questions about updates, or how long you’ve lived there. They’ll also walk around the outside and take measurements and pictures.
I found an error in the appraisal. What should I do?
Bring this to the attention of your Loan Guide. Mistakes happen and if it’s a material defect it could change the appraised value.
The appraiser is doing a drive-by but they called/emailed me a link for my phone to take pictures. Is that normal?
Yup! Sometimes appraisers will send you an email with a link to a site — just follow the instructions and send back the pictures as soon as you can.
What are they doing once they leave?
Really fascinating stuff like pulling public records about the property, sales history and comparable properties — all of that info helps them pull together their appraisal report.
What if I can’t afford the appraisal?
Probably best to get in touch directly with your Loan Guide for this one.
Can I use my own appraiser?
In short, no. We work with a board of reliable and trusted appraisers.
Is the appraisal guaranteed to support the purchase?
No. The value of the home needs to be equal to your loan amount — you can always renegotiate with the sellers if the home doesn’t appraise to the value you need it to be.
How much is an appraisal?
It actually varies depending on which area you live in — the average price is $500-$700
How does the appraiser determine the value of my home?
An appraiser will visit the property to assess the property, they’ll take pictures of the inside and outside of the house, and also take into consideration comparable sales to get the appraised value.
If the appraised value of my home goes up, will this affect my taxes?
No — the appraiser doesn’t report the appraised value or other information to the tax assessor.