How Does An Appraiser Appraise A House?
Depends ion the type of appraisal. A basic appraisal involves an inspection of the property to determine its characteristics (number of rooms, baths etc) condition and level of maintenance. And an evaluation of the sale prices of comparable recent sales to figure out what other, similar properties are selling for. There are cheaper “drive by” appraisals where only a cursory look us taken at the outside and the public records are examined to determine characteristics and comparable values. Appraisals for government loans (VA, FHA) are more complicated because the appraiser is required to list defects and needed repairs which has to be resolved to bring the property up to government standards.