Question 1

What is a home appraisal and why does it matter?

Accepted Answer

A home appraisal is a professional, unbiased estimate of a property’s market value conducted by a licensed or certified appraiser. It matters because lenders require it before approving most mortgage loans, and it protects both buyers and sellers from overpaying or undervaluing a property. In the Puget Sound market, where values vary dramatically by neighborhood, a credible appraisal is especially important.

Question 2

How does real estate appraisal differ from a home inspection?

Accepted Answer

A real estate appraisal determines the market value of a property, while a home inspection evaluates its physical condition and systems. An appraiser considers comparable sales, location, size, and condition to arrive at a dollar value. An inspector checks plumbing, electrical, roofing, and structural components for defects — both serve different but complementary purposes.

Question 3

What is a residential appraisal and when do I need one?

Accepted Answer

A residential appraisal is a formal value opinion prepared for properties with one to four dwelling units, including single-family homes, condos, and small multi-family properties. You typically need one when buying, refinancing, settling an estate, handling a divorce, appealing your property taxes, or accessing your home equity. It’s the gold standard for establishing what your home is worth.

Question 4

What does a certified residential appraiser do that a licensed appraiser cannot?

Accepted Answer

A Certified Residential Appraiser holds the highest credential for appraising one-to-four unit residential properties and has completed more education, experience hours, and examination requirements than a licensed appraiser. Certified appraisers can handle complex assignments including high-value properties, atypical homes, and cases requiring greater analytical depth. Many lenders and AMCs require certified appraisers for loans above certain thresholds.

Question 5

What qualifications should I look for in a licensed appraiser?

Accepted Answer

A licensed appraiser in Washington State must pass state-approved education, pass a national exam, complete supervised experience hours, and maintain continuing education. For residential work, look for someone with specific experience in your property type and local market — familiarity with Puget Sound submarkets, waterfront properties, or condo complexes matters significantly. Always verify credentials through the Washington State Department of Licensing.

Question 6

What factors does property valuation consider?

Accepted Answer

Property valuation considers location, square footage, bedroom and bathroom count, lot size, age, condition, upgrades, view, and recent comparable sales in the surrounding area. In the Puget Sound region, proximity to water, ferry routes, tech employment corridors, and top school districts also meaningfully influence value. An appraiser weighs all these factors to develop a credible market value estimate.

Question 7

How is a market value appraisal different from assessed value?

Accepted Answer

Market value is what a property would sell for between a willing buyer and willing seller in a competitive market — it’s determined by a professional appraiser using current sales data. Assessed value is assigned by the county for property tax purposes and is often lower than market value. The two figures are calculated differently and shouldn’t be confused when making financial decisions about your home.

Question 8

What is a mortgage appraisal and who orders it?

Accepted Answer

A mortgage appraisal is an independent valuation ordered by your lender to confirm that the property is worth at least the loan amount being requested. In most cases the lender or an appraisal management company (AMC) selects and orders the appraiser — homebuyers and sellers do not choose the appraiser in a lender-ordered transaction. The appraisal fee is typically paid by the borrower at closing or upfront.

Question 9

What should I know about a refinance appraisal?

Accepted Answer

A refinance appraisal establishes your home’s current market value so a lender can determine how much equity you have and what loan amount is appropriate. If values in your area have risen, a strong appraisal could qualify you for better terms or a larger cash-out. To prepare, make minor repairs, clean the property, document recent upgrades, and provide the appraiser with a list of improvements.

Question 10

What is a purchase appraisal and how does it protect me?

Accepted Answer

A purchase appraisal is ordered by the buyer’s lender during a home sale to verify the contracted purchase price is supported by market value. If the appraisal comes in below the agreed price, you may be able to renegotiate, challenge the value, or walk away depending on your contract’s appraisal contingency. It’s an important consumer protection — especially in competitive markets where buyers sometimes overbid.

Frequently
Asked Questions

How much will my appraisal cost?

Request An Appraisal Here

FrequentlyAsked Questions

How much will my appraisal cost?

Request An Appraisal Here

Frequently
Asked Questions