How do I get an appraisal on my house?

Before you order anything, answer one question: what do you need the number for. There are three different products at three different prices, and buying the wrong one is how people waste both money and a month. If you need it for a lender, you cannot order it. This surprises almost everyone. Under the appraiser independence rules that came out of Dodd-Frank, the lender orders the appraisal used for a loan, usually through an appraisal management company, and you pay for it as part of your closing costs. An appraisal you commission yourself will not be accepted in its place, no matter how good it is or how recent. So if this is about a refinance or a home equity loan, stop here, call the lender, and let them order it. If you need it for a divorce, an estate, a tax appeal, a trust, a partnership buyout, or a bankruptcy, you order it directly. Hire a state-licensed or certified appraiser and tell them the intended use up front, because the intended use changes the report they write and who is permitted to rely on it. Say the words: I need an appraisal for an estate, with a date-of-death valuation, or for a property tax appeal, or for a divorce settlement. A report written for the wrong purpose can be rejected by the very court or agency you needed it for. Ask that the report be USPAP compliant, which is the professional standard the work has to meet, and ask whether you are getting a full interior inspection or a drive-by or desktop product. Those are not the same thing and the cheaper ones get challenged. If you just want to know what your house is worth so you can decide whether to sell, do not pay for an appraisal at all. Ask two or three local agents for a comparative market analysis. It is free, it takes a day, and for a sale decision it is often more useful than an appraisal, because an agent is telling you what a buyer will pay next month while an appraiser is documenting what buyers paid last quarter. A broker price opinion is the paid middle option, cheaper than an appraisal and prepared by a licensed agent rather than an appraiser, and lenders generally will not accept one. On cost and timing, I am not going to quote you a number, because Taos is exactly the market where the usual numbers do not hold. Rural and resort markets with limited comparable sales, unusual construction, acreage, adobe, or water rights take substantially longer and cost substantially more than a tract subdivision, and the pool of appraisers who will drive out and do the work is small. Call two or three, ask for a fee and a turnaround time before you commit, and ask directly whether they regularly appraise property like yours in your area. That last question matters more than the fee. Two things that will improve whatever number you get. Give the appraiser a written list of your improvements with approximate dates and costs, permits included, because they cannot credit what they cannot see or verify. And be present, or make sure your agent is, so somebody can answer questions about the property rather than leaving the appraiser to guess. I am a real estate professional, not an appraiser, and I do not work New Mexico, so verify licensing and any local requirements before you hire. My name is Zoltan Peresztegi and I work in Los Angeles, the South Bay and on the Palos Verdes Peninsula. Figure out the purpose first, and the right product picks itself. Zoltan

You can hire a licensed residential appraiser directly, or ask a local real estate agent for a comparative market analysis. An appraisal is more formal and usually costs a few hundred dollars.

You can hire a licensed residential appraiser directly, or ask a local real estate agent for a comparative market analysis. An appraisal is more formal and usually costs a few hundred dollars.

If you want an official appraisal, you can hire a licensed real estate appraiser directly. The appraiser will visit your home, evaluate its condition, size, features, location, and compare it to recent sales of similar properties to determine its current market value. If you're selling your home, you may also want to ask a local real estate agent for a Comparative Market Analysis (CMA). A CMA isn't the same as a formal appraisal, but it's typically provided at no cost and uses recent comparable sales to estimate your home's market value and recommend a competitive listing price. If you're refinancing or buying a home with a mortgage, your lender will usually order the appraisal on your behalf. In most cases, the borrower pays for the appraisal, but the lender selects the appraiser to ensure the process is independent. Whether you need a formal appraisal or a CMA depends on your goals. If you're simply trying to understand your home's value before selling, a CMA is often a great place to start. If you need a value for financing, legal, tax, or estate purposes, a licensed appraisal is generally the appropriate option. Juan Picos, Realtor

You can simply order one. Google appraisers in your area and you should have a variety to choose from. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Contact a licensed appraiser in your area and schedule one. You can find local appraisers through the Appraisal Institute's directory, through your real estate agent, or by searching online for residential appraisers in your city. If you're selling or refinancing, the appraisal is typically ordered through your lender as part of the loan process. The lender selects the appraiser through a third-party appraisal management company to maintain independence. You pay for it, usually $400 to $600 for a standard single-family appraisal, but you don't get to choose the appraiser when a lender is involved. If you just want to know what your home is worth without selling or refinancing, you can order a private appraisal directly. Call a local licensed appraiser, tell them what you need, and they'll schedule a visit. The cost is the same and you'll receive a full appraisal report within a week or two. Before paying for an appraisal just to know your home's value, consider asking a local real estate agent for a CMA first. A comparative market analysis is free, uses similar data, and gives you a solid estimate of your home's market value without the cost of a formal appraisal.

Do you need an actual appraisal or just a professional opinion of value? Either way, reach out to your favorite real estate agent for advice. If you only need a professional opinion, get a comparative market analysis from your agent (a data-driven mini-appraisal that compares your home to recent sales in the area which is oftentimes without cost). If you need a professional appraisal, ask your real estate agent for recommendations of appraisers, expect to pay several hundred dollars, and you'll get a more thorough documented analysis along with a signed document from a licensed appraiser. Keep in mind, all of these are consider "opinions of value" and they will likely differ. As a real estate broker in Cleveland, Ohio, I have done 100s, if not 1000s, of CMAs for for homeowners, for various situations: tax complaints, preparing to sell, and just for information. Mike Ferrante, LPT Realty

When selling a home, usually the buyers lender will order an appraisal which is often an expense of the buyers. If getting an independent appraisal you can just google appraisers in your area to order one.

You can look up local appraisers in your area, give them a call and hire them to appraise your home for you. You should get results within a week or two, depending on the market in your area, and how busy your appraiser is.