Important Factors in a Home Appraisal – Faithe Real Estate

Important Factors in a Home Appraisal

A home appraisal serves the important purpose of providing an accurate measure of a property’s value. This valuation is essential for a mortgage lender because it ensures the organization that it isn’t letting homebuyers borrow far more than what the house is actually worth. This measurement doesn’t just affect the lender, but it also protects the homebuyer from significantly overpaying for a home. As important as appraisals are, many homebuyers and sellers are confused about exactly who performs these appraisals, how they are created, and what standards are used. Find out what you need to know about a home appraisal.

Who Conducts Home Appraisals?
A home appraisal can’t be performed by a lender or any party that would stand to benefit from a certain appraisal outcome, such as an especially high or low appraisal. Instead, the process is carried out by an independent, professional appraiser.

There are different requirements for home appraisers depending on which state they’re working in and, in some cases, depending on what type of property they’re appraising. In nearly all cases, however, appraisers will need to complete courses on home appraising, work in an apprenticeship and complete a certain number of on-the-job hours. Once these steps are complete, appraisers are required to pass state exams to become certified. Home appraisers also have the option of earning different levels of certifications, which allow them to appraise homes with different value levels and sizes.

What Do Home Appraisals Include?
Home appraisals are based on several factors, which may vary depending on a home’s age. For most homes, appraisers use comparable property types to help determine the home’s value. This means they consider the asking prices and purchasing prices of homes in the area that have recently been sold. Home appraisers may compare homes that have similar lot sizes, square footages and features as the home that is being evaluated.

If a home is newer, the appraiser is more likely to use an approach that involves estimating the land value as well how much it would cost to completely replace the house.

The appraiser also takes other details into account, including the integrity and quality of a home’s foundation, roofing, siding and overall structure. He or she will also check on the quality of the interior, including such aspects as the doors, windows, plumbing, flooring and whatever appliances will remain in the home.

While many potential homebuyers and home sellers may be focused solely on the house, appraisers actually take the entire plot of land into consideration. They typically examine the size of the front and back yards and check for any permanent landscaping or lawn fixtures, and evaluate features like pools, decks, patios and hot tubs.

Appraisers will also check for any significant home upgrades, especially improvements in the bathroom or kitchen. If you’re the seller, it can even be helpful to give your appraiser a list of all the updates you’ve made to the home while you’ve owned it. This can ensure that nothing gets missed and that the appraiser takes these details into account.

Getting an accurate home appraisal is a vital aspect of having a successful home sale. Whether you’re the buyer or the seller, it helps to remain informed about exactly what aspects are being considered during the appraisal process.

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May 1, 2021.
Robbie was amazing. He was able to get us the best sale price possible, and he was very responsive whenever we had questions or concerns during the process. I was also worried that selling would be a big headache, but Robbie and his crew made it super easy for us. We couldn’t be happier!
April 28, 2021.
Robbie and his team were efficient, easy to work with, and responsive to our needs. They presented options and guided us through the process with good advice and insights. Jamie followed up on all the details and made sure everything was on track. Very professional and enjoyable.
Sarah Putnam
April 28, 2021.
Robbie and his team are incredibly knowledgeable and made buying a home easy. He was always quick to respond and efficient. I would highly recommend working with Robbie!
April 23, 2021.
Robbie and his team are very efficient, responsive and knowledgeable. Robbie has exceptional negotiating skills, and finds innovative solutions. I enjoyed my home purchase experience immensely. Thank you!
April 6, 2021.
This is the second house Robbie has helped us sell! He is very knowledgeable and professional! Genevieve also helped us a ton with buying our new home! We are so thankful for both of them and what they have done to help our family over the past two years! Thanks Robbie and Genevieve!
April 5, 2021.
Robbie exceeded our expectations; he was knowledgeable of the market trends in our area. He realized the square footage of our home in the prior appraisals was lower than the real area and that enabled us to get a better price for the home. We would highly recommend Robbie to anybody interested in selling or purchase a home.
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April 1, 2021.
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April 1, 2021.
Robbie was such a pleasure to have as my realtor. He is always patient, kind, and helpful. I'm a first-time home-buyer, so there were a lot of things I needed to learn about and a lot of complicated documents to slog through. Robbie and his team guided me smoothly through the whole process. Robbie has a lot of experience in the Albuquerque real estate market and was able to give me good advice. He always responds to calls, texts, and emails right away, never keeps you waiting. Everyone on his team, from the people in his office to his fantastic loan officer to all the inspectors he lined up for me -- they were all top-notch, professional, and really pleasant to work with.
John Goen
February 28, 2021.
Robbie Faithe and Jamie Cline were instrumental in our efforts to find and purchase our first home. Robbie helped strongly negotiate our position in a market that is frankly predatory and outright hostile to homebuyers, especially first-timers with little experience. He helped us move to a swift close while making sure everything was conducted soundly, promptly and with our interests at the forefront. He was supportive of us through the entire process, even after our first negotiations fell through, and was adamant about finding a house that we would truly want, not just the first home that met our loose criteria. Jamie Cline was vital in her role to assist us with booking appointments as well as keeping us apprised of all deadlines and offering advice when we desired. Overall, though this first-time homebuying experience was very stressful at times, Robbie and his team made sure there were as few impediments to the process as possible while making sure we were taken care of. I would definitely recommend their homebuying services and expertise.
February 28, 2021.
Robbie is truly the best in NM. I have worked with Robbie before and once again he accomplished everything me and my family needed. He sold our house within 24 hours. I recommend anyone looking to buy or sell a house to use Robbie Faithe and his company. Thank you to the Faithe Realtor Team!!

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