How Do Appraisals Work?
The Home Appraisal Process
Whether you are looking to get an appraisal to establish a listing price, divorcing, and your property is part of an asset split, or purchasing a property and intend to use a private loan to finance a portion, there are many reasons people need to independent appraisal services for their home or rental property. At Wheeler Appraisal, we offer a wide range of lender and non-lender residential appraisal services including estate appraisals, probate appraisals, divorce appraisals, relocation appraisals, PMI removal appraisals, and more. No matter which residential appraisal service you require, or if it is your first time or you are our regular client, we aim to make the process as stress-free and convenient for our clients as possible.
Request Appraisal Services
At Wheeler Appraisal, we offer our clients the ability to conveniently request home appraisal services on our website. Once you submit the form provide our team with basic information regarding your appraisal service request, a member of our appraiser team will get back to you with a fee quote and estimated turnaround time as soon as possible. Within 1-2 days of when you decide to move forward with ordering the appraisal, your appraiser will reach out to schedule the inspection appointment.
The Inspection Appointment
To ascertain an accurate status of the property, it's our responsibility to first conduct a thorough inspection. At this appointment the appraiser will physically view features, such as the number of bedrooms and bathrooms, the location, and so on, to ensure they really exist and are in the shape a reasonable buyer would expect them to be. To make sure the stated square footage has not been misrepresented and describe the layout of the house, the inspection often entails creating a sketch of the floor plan. Most importantly, the appraiser will identify any obvious amenities - or defects - that would have an impact on the value of the property.
Our appraisers at Wheeler Appraisal typically use two or three methods when determining the value of a property: replacement cost, sales comparison, paired sales analysis and, in the case of a rental property, and income approach. After analyzing all relevant market data and applying the appropriate valuation approaches, the appraiser will provide an estimated value for the subject property.
Once the report is signed off and complete, the appraisal report will be delivered as instructed by the requestor. At Wheeler Appraisal, we offer report delivery through AI Ready ENV forms that are UAD compliant when applicable, or a PDF ready form can be sent to an email.