ERD Appraisals

	What is a Real Estate Appraisal?
	An appraisal is an objective, supported opinion of the value of an adequately described piece of property, made by a person who has sufficient knowledge and experience to accurately estimate its value. Appraisers use comparable sales, rental information and listing data, plus information about the property being appraised (the subject property), its neighborhood, community, and region, and the local and national economy, to support their value estimates.
	Why would I need an Appraisal?
	There are many reasons why you may need a real estate appraisal. The most common purpose for an appraisal is to obtain a mortgage on a home. Most lenders are required by federal and state laws, as well as current banking regulations, to obtain an appraisal in conjunction with most loans secured by real estate (mortgages) given by the lender. Real estate appraisals are also obtained for: insurance purposes, estate valuations, property tax assessments, determining market price when purchasing or selling real estate, and for determining value for relocation companies.
	What does an Appraiser do?
	An appraiser provides a professional, unbiased opinion of market value, to be used in making real estate decisions. Appraisers present their formal analysis in appraisal reports. The appraiser starts with an inspection of the subject property. The appraiser must actually see "the features of the subject property", to "verify their existence and current condition". The appraiser must actually inspect the location, bedrooms, bathrooms, kitchen, outdoor environment, etc., to determine the overall condition of the property. The inspection often includes a sketch of the property, ensuring the proper square footage and conveying the layout of the property. Most importantly, the appraiser looks for any obvious features - or defects - that would affect the value of the house. Once the site has been inspected, an appraiser can use one to three approaches in determining the value of real property: a cost approach, a sales comparison, and in the case of a rental property, an income approach.
	What is the difference between an Appraisal and a Home Inspection?
	The appraiser is not a home inspector nor does he/she do a complete home inspection. An inspection is a third-party evaluation of the accessible structure and mechanical systems of a house, from the roof to the foundation. The standard home inspector's report will include an evaluation of the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing and electrical system, the roof, attic, and visible insulation, walls, ceilings, floors, windows and doors, the foundation, basement, and visible structure.
	How are Appraisers Certified?
	Regulations regarding licensing and certification of real estate appraisers is done at the state level, but must be based on national standards. However, licensing and certification is most often associated with many hours of coursework, tests, and practical experience. Once an appraiser is licensed, he or she is required to take continuing education courses in order to keep the license current.
	How do I Place an Order?
	You can place an order online by clicking here. You can also call the office and request a fax order form or send us an e-mail at ellyn@erdappraisals.com.