The Appraisal Report / You should read the appraisal report

Must I? Well, you don’t have to; but you will be missing some really important and interesting information about your property. For instance, at the top of page 2 you will find a brief analysis of what it will take to rebuild the property in today’s market – the “sticks and bricks” value. This analysis may help you with the decision of how much hazard insurance you’ll need.

Other data in the report will cover particulars about the neighborhood, the legal description, a physical description of the property improvements and many other details that are important for you to know. The appraisal will compare your property with three or four others in order to arrive at an accurate estimate of market value. This part of the appraisal is intricate and it really shows off how truly valuable a good appraiser is to your purchase or refinance.

In the report you will find a dimensioned sketch of the property showing the footprint of the improvements so that you have a good idea of the square footage of the building. Also, there will usually be a room dimensions chart, which can be very convenient. Following these parts of the report there will be photographs of the neighborhood, the subject property – inside and out, and the comparable properties – exterior only, followed by the closing remarks and the required appraiser’s certifications credentials.