Frequently Asked Questions (FAQs) | Purdy Appraisal, LLC
General Appraisal Questions
What factors do appraisers consider when determining a property’s value?
Appraisers consider multiple factors when determining a property's value, including:
Location – Proximity to amenities, schools, job centers, and neighborhood desirability.
Property Condition – Overall maintenance, renovations, and any structural issues.
Size & Layout – Square footage, number of bedrooms and bathrooms, lot size, and floor plan functionality.
Age & Features – The home's age, upgrades, energy-efficient features, and unique characteristics.
Comparable Sales (Comps) – Recent sales of similar homes in the area to assess market trends.
Market Conditions – The supply and demand of properties, interest rates, and overall economic trends.
Zoning & Land Use Restrictions – Local laws that may affect property use or value.
What is a pre-listing or pre-purchase appraisal?
A pre-listing appraisal helps sellers determine the fair market value of their home before putting it on the market. A pre-purchase appraisal provides buyers with an independent property valuation before making an offer. These appraisals help ensure that pricing is competitive and realistic based on market conditions.
Can a pre-listing appraisal help me set a more accurate listing price?
Yes, a pre-listing appraisal provides an unbiased, data-backed valuation, preventing overpricing (which can lead to a longer time on the market) or underpricing (which could result in lost equity). It also strengthens your position when negotiating with buyers.
What if the pre-listing appraisal comes in lower than expected?
If an appraisal is lower than expected, sellers can:
Re-evaluate pricing based on market conditions.
Make strategic improvements that may increase value, but be cautious—renovations don’t always yield a dollar-for-dollar return.
Consult with an agent and appraiser to explore pricing strategies.
Is a pre-listing or pre-purchase appraisal necessary for every property sale?
Not always, but it’s beneficial when:
The market is fluctuating.
A home has unique features that make it hard to price.
A seller or buyer wants confidence in their pricing strategy.
Divorce Appraisals
What is a divorce appraisal?
A divorce appraisal determines the market value of real estate owned by a divorcing couple. It is conducted by a licensed appraiser and used to ensure a fair division of assets.
Why is a divorce appraisal necessary?
An appraisal prevents disputes by providing a neutral, professional valuation of the home, which helps:
Establish the property’s true worth for division.
Avoid emotional bias in asset negotiations.
Provide court-admissible evidence for equitable distribution.
Who typically orders a divorce appraisal?
Either spouse, their attorney, or a judge may order the appraisal. The purpose is to ensure an accurate, unbiased home valuation for settlement discussions.
Can either spouse dispute the appraisal results?
Yes, if one party disagrees with the valuation, they may:
Request a second opinion from another appraiser.
Provide additional market data to challenge findings.
Work with an attorney to address valuation disputes.
Do appraisers testify in court during divorce proceedings?
Yes, in some cases, an appraiser may be required to testify in court to explain their valuation. However, court testimony is an additional service that must be included in the appraiser’s engagement agreement.
Mortgage & Loan Appraisals
What is a mortgage appraisal?
A mortgage appraisal is required by lenders to determine if a home’s value supports the requested loan amount. This protects both the lender and buyer from overpaying for a property.
What is PMI removal, and how can an appraisal help?
Private Mortgage Insurance (PMI) is added to loans when a buyer puts down less than 20%. If a homeowner’s equity increases, they may be eligible to remove PMI with an appraisal that proves sufficient home value.
How does a refinance appraisal differ from a purchase appraisal?
A refinance appraisal determines a home's current value for a new loan. A purchase appraisal ensures a home’s value supports the sale price before closing.
Estate, Trust, & Tax Appraisals
What is an estate appraisal?
An estate appraisal determines the fair market value of a property for inheritance, probate, or tax purposes. It helps ensure proper asset distribution and tax compliance.
What is a tax rebuttal appraisal?
If a homeowner believes their property tax assessment is too high, they can order a tax rebuttal appraisal to provide evidence of a lower market value and challenge the tax assessment.
How long is an appraisal valid?
Most lenders and courts consider an appraisal valid for 3-6 months due to market fluctuations. However, for legal matters (such as estate planning), appraisals may have longer-lasting relevance.
Appraisal Process & Reports
How long does an appraisal take?
Property Inspection – Usually 30-60 minutes.
Report Completion – Typically 2-5 business days after the inspection, depending on complexity.
Who gets a copy of my appraisal report?
The appraisal client (the person specified in the report as the client or entity who ordered the appraisal) is the only one legally entitled to the report. Even if another party pays for the appraisal, the appraiser cannot release the report without the client’s permission.
Can I use a prior appraisal for a new transaction?
Most lenders require a new appraisal due to market fluctuations. However, for personal use (e.g., estate planning, divorce, or tax purposes), an older appraisal may still be relevant.
What should I do if I disagree with my appraisal?
If you believe an appraisal is incorrect:
Review the report for errors (square footage, comps, or omitted features).
Provide additional market data that may justify an adjustment.
Request a reconsideration of value (ROV) through your lender if it’s for a mortgage.
Scheduling & Fees
How much does an appraisal cost?
Appraisal fees vary based on:
Property type & size
Location
Complexity of the appraisal
For a quote, contact Purdy Appraisal, LLC for pricing based on your specific needs.
How do I schedule an appraisal?
📞 Call us, 📧 Email us, or submit a request online to schedule an appraisal.
Do you offer rush appraisals?
Yes! Expedited services may be available for an additional fee. Contact us to check availability.
Need More Information?
If your question isn’t listed, feel free to contact Purdy Appraisal, LLC for expert guidance on residential real estate appraisals in Texas.
📍 Serving Fort Bend, Harris, Waller, Brazoria, Matagorda, and Montgomery Counties.
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