What is an Appraisal?

An appraisal is an expert opinion of the value of a property based its location, condition, and specific attributes. Appraisals are conducted by independent real estate professionals, and are used to establish the current market value of the property.
 
The amount you can borrow is in part determined by the value of the property you are using as collateral for the loan. Lenders do not typically visit the property themselves, and instead rely on an appraisal to assess the value of your property.
No, the lender has to order the appraisal on your behalf. Luckily, Lendexa is here to help—we will work with you to schedule the appraisal at a time that's convenient for you.
No, unfortunately not. The lender chooses the appraisal company.
The appraisal is generally pretty quick. It typically takes under 30 minutes for a home under 3,000 square feet.
A home inspection determines the condition of the home, whereas an appraisal determines the estimated value of the home.
The appraiser visits the property in person to see how it compares to other similar properties. They'll also look at recent sales of other properties in the neighborhood, and make adjustments for differences between the properties.
No, the appraised value will not have an impact on your taxes. It's used by the lender to determine the fair value of the property, but the appraisal and any findings listed within, aren't shared with the tax assessor.
You will receive a copy of your appraisal report once it's complete. Appraisals are standardized reports that make it easy for lenders to complete their analysis.
When it comes to valuing real estate, there isn't a one-size-fits-all answer. That said, generally bathroom and kitchen renovations add the most value relative to the refurbishment cost.