An appraisal update is a process in which a certified appraiser revisits a property and assesses its current value. This updated appraisal is often requested to reflect any changes that may have occurred since the original appraisal was conducted.
FAQs about appraisal updates:
1. Why would someone need an appraisal update?
An appraisal update may be needed for various reasons, such as refinancing a mortgage, selling the property, or for insurance purposes.
2. How often should appraisal updates be done?
The frequency of appraisal updates depends on the specific circumstances and requirements of the situation. In some cases, updates may be required every few months, while in others, they may only be necessary every few years.
3. What factors are considered during an appraisal update?
During an appraisal update, the appraiser will consider factors such as market trends, recent sales of similar properties in the area, any improvements or changes made to the property, and the overall condition of the property.
4. How long does an appraisal update take?
The time it takes to complete an appraisal update can vary depending on the size and complexity of the property, as well as the availability of the appraiser. On average, an update can take a few days to a few weeks.
5. Will an appraisal update affect my property taxes?
An appraisal update may impact your property taxes if it results in a higher assessed value for your property. However, this ultimately depends on the policies and regulations of your local taxing authority.
6. How much does an appraisal update cost?
The cost of an appraisal update can vary depending on the location, size, and complexity of the property, as well as the appraiser’s fees. On average, an update can cost anywhere from a few hundred to a few thousand dollars.
7. Can I challenge the results of an appraisal update?
If you believe that the results of an appraisal update are inaccurate, you may have the option to challenge them. This typically involves providing additional information or evidence to support your case.
8. Are there any risks associated with an appraisal update?
While appraisal updates are generally routine procedures, there can be risks involved, such as potential inaccuracies in the appraisal report or the possibility of a lower-than-expected value assessment.
9. What should I do to prepare for an appraisal update?
To ensure a smooth appraisal update process, it’s recommended to clean and declutter the property, make any necessary repairs or improvements, and provide the appraiser with any relevant documents or information.
10. Can I choose my own appraiser for an appraisal update?
In some cases, you may be able to select your own appraiser for an appraisal update, especially if you are hiring one for a specific purpose such as refinancing a mortgage. However, certain lenders or institutions may have their own preferred appraisers.
11. What happens if I disagree with the appraisal update?
If you disagree with the results of an appraisal update, you may have the option to request a review or second opinion from another qualified appraiser. Alternatively, you can also provide additional evidence or arguments to support your case.
12. Can I use an old appraisal report instead of getting an update?
While you may be able to use an old appraisal report for certain purposes, such as reference or historical value, it’s generally recommended to obtain a new appraisal update for any current transactions or assessments that require up-to-date information.