Appraisers work hard to achieve their status and ability to do the job right. Here a few important items they look for each appraisal report.

Lenders require that appraisers measure

It is a requirement that any appraisal for a federal loan include a sketch of the subject property with labeled rooms.

Double check that GLA and county records match

This is usually not a problem with homes built within the last 10 years, but if there is a large discrepancy between the appraiser’s measurement of the gross living area and county records, it can be a flag for additions that have not been added to county records.

Does the floor plan flow?

By measuring we are able to determine things we may otherwise miss. For example, when measuring a home that has an addition, we determined that the master bedroom was only accessible by walking through another bedroom. Doing a sketch and labeling the floor plans, helps us notice these things.

How much is that “killer view” really worth?

One element which can have a tremendous effect on value – both positive and negative – is the view. Does the property look out on industrial buildings with trucks moving in and out? Or does it overlook a wide vista of green rolling hills? And how broad a view is it? Can you barely see Mt Rainier in the distance between two high-rise towers across the street? Or are you on a hillside with 270 degree views of open water? Assigning a dollar value to views can be very tricky. In fact, a view that might contribute great value to a property does so chiefly because it is so rare. In order to find the best approximate value of the view for a given property the appraiser has to find comparable sales with views that are as similar as possible.

Need an appraisal done right?

Norman, Hubbard and Associates hand picks the best appraisers to cover our expansive coverage areas swiftly and professionally. We keep our clients in the loop with an honest communication of our progress all the way through. To find out how good appraisal services can be, contact us today!

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