Frequently Asked Questions

Click on any of the FAQs below to have your questions answered. Didn’t find what you’re looking for? Give us a call at  313-600-0010

1. What is a property appraisal?

A property appraisal is an unbiased estimate of the true value of a property at a single point in time. It is conducted by a licensed, certified appraiser.  When buying a home, an appraisal can confirm whether the property is worth the amount you are paying for. The estimate you will receive is based on the current market value, location, condition and more!

2. What does an appraiser do?

An appraiser provides an estimate of the value of a property by looking at the location, amenities and recent sales of similar properties located in the same neighborhood.

An inspection includes a walk-through to determine the condition of the property and note any amenities of value in that area. Often, the appraiser will photograph or sketch the property’s layout. If there are any health or safety code violations, the appraiser will list them so they can be corrected before the lender approves a loan.

3. How much does an appraisal cost?

Prices can vary depending on region and type of appraisal report requested. We base the fee on the design/style, size of the home, and proximity to our office. Please call for the most accurate price quote.

4. Who pays for the property appraisal?

The buyer typically pays the fee as part of the total closing costs. If you are a motivated seller, you can order and pay for a professional appraisal to support the price you are asking and reduce the buyer’s closing costs.

5. Can an appraisal serve as a home inspection?

No, an appraisal is not a home inspection.  Inspections involve a licensed home inspector or contractor who evaluates the structure and mechanical systems (heating, plumbing, air-conditioning, etc.) of a house.

The appraiser is typically more interested in sales prices (within the past six months) of comparable homes in the neighborhood, the interior & exterior presentation of the property and amenities that enhance the value in that market.