How to Get a House Appraised

An appraisal is performed by a licensed appraiser, who determines what a willing and able buyer will pay for a house in the current market. Lenders normally require appraisals before loaning on property. When properties are involved in estate sales, appraisals are often ordered by the trustee to determine the property’s value, and homeowners occasionally order appraisals before putting their homes on the market.

Instructions

1. Determine the reason you need the appraisal. If it is an appraisal required by a lending institution, the appraisal must be ordered by the lender. If you want your home appraised for personal reasons, you can order the appraisal and it will be prepared on a form different than the one used for the lender.

2. Set aside money to pay for the appraisal. Prices vary between $300 to $600. Some prices may be higher or lower than those amounts.

3. Look in your local yellow pages for a local certified appraiser under “Appraisers.” You want to locate an appraiser who is familiar with the subject property area.

4. Call and interview the appraisers in your area to determine which is most suited for the type of appraisal needed, and if the appraiser is available for the specific time frame you require.

5. When interviewing the appraiser, ask for a copy of her state license.

6. When interviewing the appraiser, be very specific why you want the appraisal and what it will be used for. That will determine what type of appraisal she will perform, along with the amount of the appraisal fee.

7. Order your appraisal from the appraiser you choose, and request payment information, so you will be fully informed as to what you will be paying and when the payment must be made.

Tips & Warnings

• If you are unable to locate a local appraiser, contact a local real estate agent or lender for a referral.

• Do not hire an appraiser who does not normally perform appraisals in the area your property is located.

• Appraisal practices may vary from state to state.