An appraisal is a valuation of real estate based on fair market value. Real estate is defined as an improved site, such as, house, or commercial building. 

An appraisal value is an evaluation of a property's value based on a given point in time, i.e. : Market Value. The appraisal performed by a state certified or licensed appraiser. 

Market value is defined by The Appraisal of Real Estate, 15th ed as: "The most probable price, as of a specified date, in case, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after a reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self interest, and assuming that neither is under undue duress."

In other words, the price a property would receive, as of a specified date, when sold on an open market. 

A home needs an appraisal when it is being financed, such as a mortgage. Additionally, an appraisal is needed to settle an estate, a divorce, or legal proceedings. Note: a house does not need to be appraised for a sale if there is no financing being done. However, this is not recommended. 

An appraisal covers a physical inspection of the property, which includes measuring the exterior of the property and all site features (sheds) and pictures of the exterior. Additionally, the appraiser will walk through the interior of the property taking notes and pictures. 

All this information will be compiled into a written report that will be signed by the appraiser and the market value is food for the effective date of the appraisal. 

An appraisal inspection will take between 30 to 90 minutes. The writing of the appraisal document can take up to a week to produce. CCR Appraisals strives to complete all appraisals within a few days. 

As no one property is the same, please email us at ccr.appraisal.llc@gmail.com and we will be happy to give you that information. 

The appraisal report will be delivered to the client. The client is defined as the person or entity that has ordered and paid for the appraisal. 

First, the appraiser will need to access to the property for inspection.

Second, have a list of improvements that have accrued over the last 5 years. This aids an appraiser to determine the condition of the property based on Fannie Mae guidelines.