The Appraising Group Newark

A home appraisal is a critical step in most real estate transactions, especially when a mortgage is involved.

Key steps in the home appraisal process

Ordering: The client and appraiser confirm the purpose and scope. For a loan assignment, ask the lender how the appraisal is ordered.

Scheduling the Visit: The appraiser coordinates with the homeowner (or seller) to schedule a visit to the property.

During an agreed visit, the appraiser gathers information about layout, size, room count, finishes, improvements and visible condition. Photographs and measurements may document the property. The visit is not a detailed building-systems inspection.

Comparable sales: The appraiser researches relevant sales and evaluates their dates and property characteristics. A fixed six-month limit does not describe every assignment.

Market Analysis: The appraiser considers local market trends, neighborhood characteristics, and the unique features of the property to determine its fair market value.

Appraisal Report: The appraiser compiles all findings into a detailed report, which includes: The appraised value of the home Descriptions of the property and neighborhood Photographs and maps Data on comparable sales Notes on any factors that influenced the valuation.

Report delivery: Confirm who will receive the report and how factual questions should be submitted.

Who Pays for the Appraisal?

Confirm the fee and payment arrangement with the party ordering the appraisal.

Summary Table: What Appraisers Look For

Factor	Information considered
Size and layout	Area, room count and arrangement
Condition	Visible condition and available repair records
Features	Improvements and amenities
Site and exterior	Site characteristics and maintenance
Comparable sales	Relevant property sales and their differences
Market evidence	Conditions relevant to the effective date