The appraisal process is often a new experience for the home owner. M&C Appraisals has created a process that easily guides the home owner, mortgage company, real estate agent and any other parties in the loan through our system. Below are the basic steps in our appraisal system.
Step 1: RECEIVE APPRAISAL ORDER
In order for us to begin an appraisal, we must receive a written request to appraise the property. This request usually comes from the mortgage company and can either be completed online by clicking on PLACE ORDERS above or by faxing the request to our office. We will acknowledge your order within 2 business hours.
Step 2: WORK UP ORDER
Once the appraisal order is received, we collect initial information on the property and research comparable property sales. This includes gathering data for all similar homes that have recently sold in the local market area. We then make an appointment with the home owner to inspect the property. We keep all interested parties informed of the date and time of the scheduled inspection.
Step 3: INSPECT PROPERTY
A typical property inspection takes between thirty minutes and one hour. We thoroughly check the exterior of the property as well as all of the rooms inside the home. During the inspection, we take notes, draw a diagram of the property, and measure all the rooms. Our focus is to examine and report the general overall condition and specifications of the property. After the inspection, we will give you an estimated completion date for the report. This is typically 2-3 days, but can be expedited for a modest fee.
Step 4: INSPECT COMPARABLES
Once we complete the property inspection, we inspect all comparable properties that have recently sold in the area. To ensure these properties are actually similar to your home, we physically drive to each comparable property location to evaluate and confirm the data that we initially gathered for the local market area.
Step 5: REPORT WRITING
Producing a complete and accurate written appraisal report requires expertise and time. During this step, we organize all of the information collected and analyze the data. After a complete review, we then make an informed estimate of the property valuation.
Step 6: DELIVERING THE REPORT
The final step is to deliver the report to the person who actually ordered the appraisal (usually the mortgage company). We sometimes receive requests from other parties for a copy of the report. Appraisers are prohibited from delivering reports to anyone other than the client, regardless of who actually pays for the appraisal. In lending assignments, this is typically the lending institution.