How to Get a Valuation Report on a Home

Some real estate websites track home prices and trends in the local residential market.

Valuation reports refer to the appraisal or valuation of the price of an asset. Home valuations are also known as home appraisals or residential appraisals. Appraisals and valuations are conducted either by people or software programs. The ultimate goal is to ascertain the price value at the time of sale. The price is based on sales trends, neighborhood analysis, market metrics, and tax assessment databases. A human appraiser will review the home inspection report and drive by the property to assess whether the exterior of the house is deteriorated before determining final price.

Instructions

1. Visit a website evaluation service. Some real estate websites and other residential market websites are dedicated to revealing tracking home prices and trends in the local residential market. More sophisticated sites can provide aerial photos of the home.

2. Wait for the bank. Whether you are buying or selling the house, the bank will conduct an appraisal before finalizing mortgage loan paperwork through the title company. The charge for this is included in the list of fees on the loan.

3. Contact an independent residential appraiser. An independent home valuation can be beneficial for requesting a reduction in local taxes.

References

• For Sale By Owner: Valuation Report
• Chicago Tribune: Federal Reserve's Propose Home Appraisal Rules May Not Prevent Inaccurate Valuations
• MSN: Estimate Your Home's Value

Resources

• House Values: Free Valuation Report
• Department of Housing and Urban Development
• Zillow: Real Estate Market Reports