An Overview of a Home Appraisal

For those of you considering selling your home, have you thought about getting your home appraised but don't know how?
Even though it looks difficult, getting your home appraised isn't that difficult.
In this article, we will discuss the process and why it is important.

The Housing Appraisal Flow & Process

Firstly, we will discuss the general flow and process.

Home Appraisal Process

Below are the basic steps of an appraisal

●Request a Simple Appraisal from your realtor
●Set a time and date
●Based on the results of the Simple Appraisal, request a Detailed Appraisal
●Property Inspection
●Check required documents
●Wait for results

A real estate appraisal determines the market value of your real estate.
Most appraisals are done for free, so it is often recommended to get an appraisal done and find out how much your property is worth before putting it on the market.
There are two ways to get an appraisal.

The Simple Appraisal

A Simple appraisal is also called a desk appraisal because it can be done just by sitting at a desk.
In this instance, the appraiser considers elements like land size and location of your house.
If your home is an apartment/condo, the floor and which direction it faces is taken into consideration.
In a simple appraisal, there is no on-site inspection.
It is based solely on what is known on paper or what can be found on the internet and so the quality of the appraisal may not be high.
Simple appraisals are recommended when you have no intention of selling just yet but want to know what the general value of your home is worth.

The On-site Appraisal

The on-site appraisal is also called a detailed appraisal.
As the name implies, an on-site appraisal is conducted by appraiser who visits the property and does a detailed visual inspection. The appraiser will also check the route to the station so the quality of the appraisal is high and detailed.
When listing the property for sale, it is important to do an on-site appraisal before finalizing the contract with the agent.

Required Documents for an Appraisal

Here are the required documents needed for the appraisal:
●Home Registration Certificate
●Floor plans
●Land survey map
●Official Map

The registration certificate contains the lot number, which is the land number, and the land area.
The registration certificate also contains essential information such as the house number and structure that shows the details of the home.
The floor plans show the layout of the home.
A land survey map shows the shape and area of ​​the land, and a public map is a legal drawing showing the rough position and shape of the land.
If interested, you can inquire with the Legal Affairs Bureau with jurisdiction over the real estate property or do a search on the internet for the desired information.
If all goes smoothly and you wish to buy the property, you will then need a Certificate of Registration, Photo ID and a Certificate of Seal Registration a the time of signing the Purchase Agreement.
The Certificate of Registration is absolutely essential when transferring ownership, so it is advisable to find out where it is kept.

Documents handy to have for an Appraisal

Real estate is an asset with high value, but it's worth is determined by the appraisal.
If you desire to raise the value of your property, it is handy to have the following documents on hand

●Housing Performance Evaluation Certificate
●Seismic Evaluation Report
●Renovation contract
●Asbestos Report

If you have any of these documents, it is best to submit them at the time of the appraisal.
The Housing Performance Evaluation Certificate is a document outlining the house's functionality and soundness.
If the house gets a favorable result on the performance evaluation, it will help to get a higher appraisal amount.
If there is a Seismic Evaluation report as well as an Asbestos report, submit this also.
In particular, the seismic evaluation report is very important.
Many people prefer houses that have been reinforced against earthquakes, so a report is a big selling point.
If the house has gone through any renovations or repairs, submit the contracts or reports.
It gives a favorable impression of you, the owner, if the facilities have been repaired or replaced.

Simple internet appraisals

While many people don't intend to sell their homes, they still want to know how much it is worth.
For this, we recommend doing a simple internet appraisal.
All that is needed is to input some basic information about your home and you will get a rough figure.
In order to get a more concrete appraisal value, you need to conduct an actual on-site appraisal but if you haven't decided to sell it yet, you can do a simple appraisal on the Internet.

What is the process for requesting a home appraisal?

Many people have no clue how to go about getting a home appraisal done.
We will explain the process down below.

The home appraisal process

You can request an appraisal by following these steps:

●Ask a real estate company for an appraisal
●Perform a desk assessment
●Perform an on-site assessment
●Wait for results

When you make a request for a home appraisal, you will be asked for basic information like your address and the size of your property.
If you have the Certificate of Registration to refer to when answering these questions, it will help greatly and expedite the process.
The real estate company will then perform a "desk assessment" and you will wait for the results.
Normally, this doesn't take too long and if you are satisfied with the results, then you can request an on-site appraisal.
An inspector will visit your home to check and review your home documents as well as conduct an on-site analysis and assessment.
The results could come in as little as 2 days or take up to 3 months
It is best to confirm with your real estate agency how long it will take to come back with the results.

You can make the request online or by telephone

You can make a request for an appraisal either by calling or by making an online request through the real estate agency's website.
Make sure to call during company hours if making the request by phone.
Making a booking online can be done at anytime.
Make sure to have a date and time in mind for the appraisal.

How long does the home appraisal process take?

Many people wonder how long the home appraisal process takes.
Here we will explain how long the process takes as well as provide information on the process between the home appraisal and selling.

Length of time required for a home appraisal

A normal desk appraisal takes only about 30 min to an hour.
If you want a rough estimate of the value of your home, we recommend starting with the simple desk appraisal.
If you are satisfied with the results, the next step will be requesting an on-site appraisal.
The inspector will review your documents and conduct a visual assessment which normally takes about a half hour to an hour.
It is rare for an appraisal to take all day.
Coming back with the results usually take anywhere from a week to one month.
It is best to keep in mind that it is a sometimes time consuming process.

How long does it take from appraisal to sale?

Just because a home appraisal has been done doesn't mean that your home can be sold immediately.
After an appraisal, a mediation contract is concluded with a real estate company, and then they will start sales and advertising activities for your property. Some properties sell quickly while it takes a long time for others.
From home appraisal to the conclusion of a sale, it can take as little as 3 months while for others it may take 6 months or even longer.
If you want to sell your home quickly, it is best to start proceedings as quickly as possible.

Conclusion

The home appraisal process starts by contacting your real estate company.
Contact them either by telephone or by making an online request.
A desk appraisal can be done quickly but an on-site appraisal can take up to 3 months so if you are in a hurry, it is best to start the process quickly.