Pilgrim Colonial Appraisers take pride in chatting with the home owner or realtor to get to learn more about the property. Building rapport goes a long way with us. Often times we hear how we spent longer than any prior appraiser. Appraisers do appear to be brief because their inspection isn’t exhaustive.
Its misconception to compare an appraiser to a home inspector. Although an appraiser tends to review similar traits about the home, the appraiser is focusing on quality and condition of the home while verifying what public data is listed on a home. Home inspectors get into specifics such as looking into your walls for the type of insulation. It is also a misconception to think that the appraiser only spent 1 hour or less on the job. That inspection time is only the beginning.
Typically an appraiser does prior field work on a home gathering several sources of data about the home and location. After an inspection is done, the appraiser has to go to work finding suitable comparables to compare your home to. Some superior and some inferior. An exact match would be ideal, but in the real world appraisers do what is called bracketing. By bracketing, they gather both a high and a low (particular) aspect of your home. Adjustments are made to formulate an opinion of value. Alongside with some macro and micro market data, the appraiser considers all these sources to create a report that is sent to your lender.
Some appraisers can spend an entire workday on one appraisal. Give them the benefit of the doubt. Although they were not in your home for several hours, a detailed report is crafted for your lender.
