Answers to your Appraisal Questions
Why get an appraisal ?
When you want to sell your home, buy a new property, or simply know the true value of your real estate holdings, a real estate appraiser will give you an informed view of the true value of a property. Without an appraisal of your property, you could lose or miss out on tens of thousands of dollars. An unbiased appraisal of your property’s true value can give you an edge in all decision-making.
What is your turn-around time?
Our turn-around time is 48 business hours after inspection. Complex, rural and multi-unit dwellings may take longer.
Can I get a copy of my appraisal?
If the order was placed by a lender/loan broker we are unable to give a borrower a copy of the appraisal even if the borrower paid COD for the report. Due to Federal Regulations, the appraiser has a fiduciary responsibility to the lender that ordered the appraisal and CANNOT reveal any details regarding the appraisal to anyone, including the borrower.
What Payment Methods do you accept?
Fort Wayne Appraisals offers COD or Invoice billing options to established clients. We accept checks, Visa, MasterCard .
Can you invoice me for the appraisal?
Invoicing options may be available to our clients with an established payment history.
Can I get an appraisal update?
Yes! Utilizing the new Fannie Mae forms, the appraisal update can now only state that the value in the original report has either declined or has not declined. There can be no changing of the value without a new appraisal report.
What can I expect when the appraiser arrives at my home for the inspection?
The appraiser will measure the exterior dimensions of the improvements (home, garage, outbuildings etc.); take photos of the exterior and interior of the home; and finally complete a visual inspection of the property and note its salient features.
What is the difference between an appraisal and a home inspection?
The appraiser is not a home inspector nor does an appraiser do a complete home inspection. A complete home 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 systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure.
Are values rising or falling?
This is a very good question, and one that cannot be easily answered because they are both rising and falling in different neighborhoods and in different price ranges in the same neighborhood. Contrary to what we read in the papers, Appraisers can only determine a rising or falling market by carefully examining the recent sales and listing data in a neighborhood. These figures, many times, do not match those of the overall market in a city or regional area. Currently, there are numerous sales in San Francisco, for example, that are selling above list price with multiple offers in an overall market that statistically shows a decline in market values.
Which home renovations add the most to the price?
The answer to this is different depending upon the location of the home. Different markets value amenities differently. Adding a central air conditioner in Houston, Texas may add significant value, while putting one in a home located in Buffalo, New York might not have much impact.
As a rule, the most value returned from renovating a home comes in the kitchen. According to one national survey, kitchen remodels returned an average of 88% of the investment. In other words, a $10,000 kitchen remodeling project would add approximately $8,800 to the value of the home. Bathrooms were second, returning 85%.
If you have any other questions
Call us today at 260-492-0368 or fax 1-866-443-9946