If you are buying a new home or selling your current one, you probably know that you will need to take advantage appraisal services in Maryland. While appraisers play an essential role in the sale and purchase of properties, many people aren’t quite sure what an appraiser actually does or what they can expect from appraisal services. It’s a good idea to have a basic understanding of appraisal services and the role that an appraiser plays when it comes to real estate so that you are equipped with the knowledge you need to effectively navigate the appraisal process.
Property appraisal process
The basic role of an appraiser is to determine the value of a property. This evaluation is conducted primarily based on a walk-through of the property by the appraiser. During this walk-through, the appraiser will examine the inside of the home or building, as well as the exterior of the property. If there are any amenities that are included on the property listing, like an in-ground swimming pool or a finished basement, the appraiser will verify that these features are in good condition and accurate as listed. The appraiser may also inspect the home or building for health and safety code violations that would hinder the sale of the property.
After gathering all of the information they need onsite, the appraiser will use additional data to fully assess the value of the property. The appraiser might research local real estate listings and other local market factors during their research process. Using listing prices for other properties in the area and the information they gathered on the property, the appraiser will determine the property’s value. This valuation will be given to the financial institution that’s providing financing for the property to ensure loan approval.
In most cases, the party that requests a loan for the property is the one who is responsible for the cost of the appraisal. If you’re the buyer, you will likely see this fee included in your closing costs. Typically, appraisal services range from $300 to $600, though these numbers can fluctuate depending on factors like location, property size and the value of the property.
Usually, onsite appraisals can be completed in just a couple of hours, and you will receive results from the appraiser in just a few days. In most cases, appraisals are required, and they also benefit you as a buyer. An appraisal can identify large discrepancies between the actual value of a home and the listed price, which enables you to make a more informed purchase.
Learn more about appraisal services in Maryland
At Jane Campbell-Chambliss & Associates, LLC, we are proud to be a family owned business with years of experience providing appraisal services in Maryland. Our team of appraisers is experienced in providing comprehensive services for residential, commercial, agricultural and estate properties. In addition to appraisals, we also offer property consultation and auction services. We would be happy to walk you through every step of the process and answer your questions about appraisals during a consultation—just give us a call to schedule an appointment.