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Real Estate Appraisal

Appraisal

If you’re securing a new loan to purchase a home, your lender will require an appraisal of the property to determine its fair market value. The lender will collect an appraisal fee (expect $400 – $650) from you once a purchase contract is accepted and you’re ready to move forward with your loan application.

A state licensed home appraiser will be selected by the lender to research the property and compare it to nearby homes that have sold in the last six months and are similar in size, age, construction and amenities.

The appraisal differs from a Comparable Market Analysis (CMA), which is an estimate of your home’s value done by Realtors® to establish a listing or offer price. The appraiser will use similar methods in arriving at a property’s value, but also follow strict licensing and industry guidelines and adhere to Uniform Standards of Professional Appraisal Practices.

The appraisal process

The appraiser will make an appointment to see the home and will take about 30 minutes to an hour to look over the property, measure the home, draw a representative floor plan, take photographs inside and out, and review the property’s condition, improvements and amenities.

Seller’s can help the appraiser by providing a list of any improvements and remodeling projects since purchasing the home, along with an approximate dollar amount of each improvement. Keep in mind, however, that remodeling projects rarely bring a 100 percent return on investment, but a list will ensure the appraisal takes into consideration any significant upgrades or added features when determining value.

The appraiser will provide a written appraisal report to the buyer’s lender within a few days of visiting the property.

Appraisal gaps

An appraisal gap occurs when the appraised value comes in below the contract price agreed upon between the Buyer and Seller. When this happens, the Buyer’s lender won’t loan them more than the house’s appraised value. That leaves a gap between the buyer’s loan amount and the contract price of the house.

In this situation, the financing contingency in the contract allows the buyer to cancel the sale and receive a refund of their earnest money, — or — the buyer can proceed with the sale and make up the difference between the appraised value and the contract price. That decision needs to occur within 5 days of receiving the appraisal.

What’s more common, however, is that the buyer will ask the seller to concede some (or all) of the appraisal gap by agreeing to a price reduction. While it’s not incumbent on the seller to agree to a price reduction, certainly the buyer and seller have a vested interest in making sure the sale moves forward with little to no delay. That said, if the seller refuses to concede on price, the buyer must make a decision to cancel or go forward with the purchase.

After the appraisal

In some cases (particularly if the buyer is obtaining a government backed loan) the lender may require additional repairs not negotiated as part of the purchase contract before they’ll lend money for the purchase.

For example, if the buyer is applying for an FHA or VA loan, the property must be free of health and safety hazards. VA and FHA appraisers will document visible defects that affect structural soundness, such as wall and foundation cracks, signs of settlement, water pooling, termite infestation; faulty plumbing, roofing, electricity, heating and air conditioning systems. Both programs abide by a different set of property standards; however, the criteria is aligned in most ways.

In some cases, correcting deficiencies identified in an appraisal, or making improvements, may have to be completed before the lender gives final loan approval. Once the repairs are made, the appraiser will return to confirm the completed repairs, and a re-inspection fee is usually charged.

Additional Resources:

Escrow: Once your offer is accepted

Escrow: Your offer is Accepted

Escrow begins once the offer is agreed upon and signed by all parties, and earnest money is deposited.
Read more.

Due Diligence

Due Diligence

The buyer advisory serves as a great resource in performing due diligence on a property or neighborhood.
Read more.

Guide to Home Buyer's Closing Costs

Inspection vs. Appraisal

Understand the key difference between an appraisal and an inspection.
Read more.

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"We had a great experience working with Russ Fortuno. After having a less than ideal experience with another real estate agent, we chose Russ to sell our home. We were very happy with his knowledge of the real estate market in our community of Quail Creek. He was very professional, and he never gave us unrealistic expectations. Russ was attentive to detail whether it be answering all our questions or having our house look perfect for photos. He was there for us until our house closed and we could not be more thankful for all his help and expertise."
- Sandra M., Quail Creek
"Hire Russ as you Real Estate Agent! If you want to sell your home quickly and with ease, Russ Fortuno is the real estate agent for you. Russ knows the market and how best to sell your home. Russ is there for you at every step of the sale and quickly responds to any and all issues that may come up during the listing and sale of your home. Our home sold quickly because of his expertise and commitment to us and the sale of our home. My husband and I are so happy that Russ was our agent."
- Christie R., Quail Creek
"I would highly recommend Russ Fortuno. He is professional, knows the area and market well, and takes care of all the details. Russ helped us sell our house quickly. He responds quickly to questions or concerns. He was great to work with."
- Jane M., Quail Creek
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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