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home appraisals

post #1 of 5
Thread Starter 
We have an appraisor coming out tomorrow so we can get re-financed. Do they come inside the home, or does it depend on the company? The person I spoke to said it will take about 35 minutes. I spoke w/ someone @ work and she said they measure the bedrooms, the outside of the house. Hubby called his parents & he said when they had their house appraised, they just had somone drive by.
post #2 of 5
I think it depends on the company. When we were selling our condo, the appraisor came in and measured the rooms, checked that we had central air, laundry facilites etc.

They are just doing an inventory and then appraising it to the local market.
post #3 of 5
There are 2 different types of appraisals. A 'drive by' appraisal is when they only do the outside, and is usually done for things like equity lines, refinancing, or things of that sort. When you are buying the house, an inside one is done normally. They usually cost about $250 and up, and is in your closing costs.
post #4 of 5
We had an appraisor come out recently to value our house as we needed to get an extra loan to go on the mortgage, the appraisor just had a quick look round and just worked out how much we needed the value of the house to be to get the loan we wanted.

Although this was good for us, I did doubt the efficiency of the appraisors used as he was not local so could not consider the house prices in our area.

post #5 of 5
Having worked for an appraisal company for 4 years, I can tell you a bit about the appraisal process.

If they are doing a full appraisal, they will come out, look around the house, probably take measurements of the outside and inside (unless they have a reliable blueprint of the house, and even then they should measure to confirm). They will take lots of pics of the inside and outside of the home. How they assess the value is by comparing your home, area, etc. to other properties similar to yours that have sold recently. In the US there is MLS, Multiple Listing Service, that is used by realtors to list homes for sale and record sales. They will try to find the most similar comparables they can. These will be listed in the appraisal, with pics and information about the comparable (square footage, HVAC, amenities, location, upgrades), so you can see where they got the value that they did for your home.

Drive By appraisals are just what they say they are. They use the data from a previous appraisal and public records for the information on your house, and just drive by to see the overall condition of the home from the outside. From there the process is the same.
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