Making Sense of the Appraisal Process

Making Sense of the Appraisal Process

The National Association of Realtors® (NAR) just released a consumer guide called “The Appraisal Process." It provides a comprehensive overview of home appraisals, detailing their purpose, the steps involved, and the rights of consumers during this phase. It also highlights the role of appraisals in determining the fair market value of a property and explains the factors that appraisers consider during evaluations. Key topics include:

• What is an appraisal?

• Do I have to get an appraisal?

• What does an appraiser look at?

• What if the appraised value is different from the purchase price?

• Can I request that an appraiser correct or update the appraisal?

Ralph’s Take

This guide is a valuable resource, especially for those new to the real estate appraisal process. I’m happy to see NAR provide a consumer guide for a topic that is often confusing and plays a significant role in most transactions. ????

Read: NAR’s Consumer Guide: The Appraisal Process