THE APPRAISAL PROCESS · CHERRY HILL
The visit.
The research. The report.
An appraisal develops a property-value opinion. The visit is one part of the work, not a home inspection.
1. Define what the value is for.
The intended use, intended users and effective date guide the assignment. A lender’s requirements may differ from a private estate, divorce or homeowner request.
2. Gather the property details.
Depending on the agreed scope, the appraiser observes size, layout, visible condition, improvements, the site and surroundings. An interior/exterior visit and a desktop or exterior-only assignment use different evidence.
3. Research useful comparisons.
In Cherry Hill, an older Colwick brick house and a Brookfield split-level may need different comparisons even when their room counts look similar. Layout, condition and later alterations help explain the differences.
Relevant sales and market evidence help explain the value. The appraiser considers how those properties differ from yours; a fixed distance or a single six-month window cannot substitute for evidence that fits the home and valuation date.
4. Explain the opinion in the report.
The written report brings the property observations and research together for the agreed purpose. Confirm who receives it and how to ask about factual details.
A different job from inspecting defects.
The appraisal does not diagnose hidden damage or establish that every mechanical system is sound. A home inspector or appropriate specialist addresses those questions.
Preparing the house for the visit? Use the room-by-room guide for access, alterations and records.