Tips on Reading an Appraisal ReportThere are many styles of reports used by appraisers including single family, condo, multi family, manufactured homes, drive-by limited reports and land reports. Lender appraisal assignments are performed on a different style report than private appraisal assignments. Most reports are delivered within 4 - 6 days. Be sure to ask questions about items on an inspection report and how they affect your appraised value. The most important issue with an appraisal report is the level of detail in the summarization, as well as the ability for the client or Intended User to read and understand the report. The more explanation that is in an appraisal report, the easier it will be for the reader to understand the though process and data the appraiser used. Take the time and become familiar with your report. The more information provided about the site and home, the easier to understand the appraisal as a whole. 
At the end of the appraisal inspection, your appraiser may provide a summary with a question and answer period. Use this opportunity to ask questions regarding terms or conditions that you may not be familiar with. A good appraiser should be able to explain the answers to your questions. The appraiser should have knowledge and experience in the market area, as well as the type of property they are appraising. It is not necessary for you to accompany your appraiser through the entire inspection, however it is not frowned upon either. It could help you to understand and the details of the report. Read the report completely as often times explanation can be overlooked. If you do not understand something, always feel free to ask questions! |