An appraisal is essentially a credible opinion of market value. In residential real estate, this opinion of market value is provided by a competent, State Licensed Professional Appraiser, and is primarily derived by analyzing recent sales of properties that are as similar as possible to the property being appraised.
Through this analysis, the appraiser is able to accurately determine the most probable price which a property should bring in a competitive and open market, otherwise known as market value, as of a particular date.
The most common reason for having an appraisal is for Mortgage Lending purposes, in which a Mortgage Lender requires an opinion of value to determine sufficient collateral for a mortgage loan.
On the other hand, individuals often require appraisals for Private Home Purchases, the removal of PMI (Private Mortgage Insurance), Estate or Divorce Settlement, Relocation, evaluating potential benefits of Home Improvements, or to simply determine an accurate Selling Price when selling a property on their own.
Please contact us if you have any questions regarding the need for an appraisal of your property.
Residential properties vary widely in terms of complexity and the time and resources necessary to produce a credible appraisal varies as well. Most residential properties will cost $350-$500 for a thorough, full appraisal report. However, factors such as a rural location, large acreages, unique construction, water frontage, or other similar considerations will often require a higher fee due to the additional time required to analyze and report such features.
If you would like a free Fee Quote for an appraisal for a particular property, please contact us with the address and other pertinent information, and we will respond within 24 hours with the exact fee and estimated time frame required to complete your assignment.
If you are a Mortgage Lender and would like to hire Sound Appraisal Services, Inc. for a residential appraisal, simply fill out our order form. Your borrower will be contacted within 24 hours for the appraisal appointment and we will keep you updated with regular status notifications.
If you are a private individual interested in obtaining an appraisal for a Mortgage Loan, just have your Lender contact us directly either by email or phone at 719-276-0075 and we will take care of everything from there.
If you are a private individual and would like to hire Sound Appraisal Services, Inc. for an appraisal of your property, just fill out our order form. You will be contacted within 24 hours for the appraisal appointment.
