Thacker Appraisal

Frequently Asked Questions

What is the purpose of a real estate appraisal?

An appraisal is generally used for two reasons. First, mortgage lenders require an appraisal to estimate the market value of a property. The appraisal assists the lender in evaluating the subject property for a federally regulated financial transaction. Secondly, in the case of estates, an appraisal may be needed in the process of sale or division.

How much will an appraisal cost?

The cost of the appraisal can vary with location, house size, and lot size. The prices do not change often, and all fees are quoted in advance. A fee schedule is provided on our website – www.thackerappraisal.com

How long does it take to get an appraisal?

Our general turn-around time is 48 hours after the inspection is made. Some complex assignments may require more time to complete. If you have any deadlines, special requirements or changes we make those our priority.

What is the appraisal process?

The following steps are followed to determine a final estimate of Market Value. (1) After receiving the assignment, a preliminary search of all available resources is made to determine market trends, influences, and other significant factors pertinent to the subject property. (2) A physical inspection of the property is performed. This information is then compiled at the office and a second review of all field data is performed with the most relevant factors extracted and considered. (3) A determination of highest and best use of the subject property is made. (4) Market sales are then examined and discussed with the parties involved in each transaction. Market factors are weighted and their influences on the subject property are determined. The application of Cost Approach and Income Approach to value are considered when warranted (5) The final reconciliation of value assigned. (6) The appraisal report is then delivered to the client by EDI, personal carrier, or mail and this constitutes the completion of the assignment.

Why does an appraisal require an inspection?

The inspection helps the appraiser determine the actual size of the house or condominium, its features, condition, layout, and access in influence of the surrounding area. These factors all impact the value of the property.

How long does the inspection portion of the appraisal take?

The interior inspection of your home will take approximately 30 minutes. Additional time may be spent outside your home measuring and recording the features of the property and any additional structures.

How can I get a copy of the appraisal that a lender ordered on my home?

If your appraisal was requested by a lender, then the lender owns that appraisal regardless of who pays for it. By Colorado State Law the lender is required to supply a copy of the appraisal report to the borrower.

Is there any reason to get a second appraisal on a home?

Normally, no. The appraisal process is highly regulated and appraisers are held to specific standards. However, if a home is unique, highly customized or there is a high risk in the transaction a second appraisal may provide greater certainty of value.

What is the definition of Market Value?

According to USPAP market value is defined as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

To what standards and rules must appraisers adhere?

The Appraisal Standards Board (ASB) sets forth the rules for developing an appraisal and reporting its results. It promotes the use, understanding, and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP contains the recognized standards of practice for real estate, personal property, and business appraisal. Since 1992, the Office of Management and Budget (OMB) has required federal land acquisition and direct lending agencies to use appraisals in conformance with USPAP.

Serving the greater
Denver-Metro area

303.933.0783
303.909.0809 mobile
info@thackerappraisal.com

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