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Why are appraisals needed ?
Professional real estate appraisals are useful for many reasons. Lenders require appraisals to verify value as to insure against lending more than a property is worth. Appraisals can protect a buyer from paying too much and they can assist a seller in determining a proper marketing price. Appraisals are also the main step in removing PMI charges on mortgages.

What is PMI and how can I eliminate it ?
Private Mortgage Insurance (PMI) insures lenders against loss on properties financed with a down-payment of less than 20%. When your equity is 20% or more of the appraised value, then PMI can be eliminated, thereby lowering your monthly payments. A professional real estate valuation will be required, so check with your lender to see how to get started and contact us for your appraisal needs.

What are our fees ?
Due to various factors and differing valuation techniques, fees cannot be standardized. The primary differences in fees depend on property type and location though other issues such as design complexities and lender requirements are also factors. Please contact us for fee quotes and questions.

What is the appraisal process ?
After our office receives a request, it is processed and assigned to an appraiser who will then contact you to schedule an inspection. An inspection for a typical dwelling should take anywhere from 20 to 45 minutes. The appraiser will inspect all interior areas including any basements and accessible attics. They will take notes, sketch the floor plan, take exterior/interior photos and measure the exterior. A list of improvements and any homeowners association documents are also helpful. Since the actual inspection is just a small part of the appraisal, most of the work comes in the collection, verification and analyzing of market data which is used to arrive at a "fair market" value.

What is market value ?
Market value is simply defined as the most probable price a property would sell for in an open and competitive market. This assumes that the sale is an "arms length" transaction which means that the buyer and seller have no circumstances which could bias the sale.

What is design consultation ?
AM Appraisals, Inc. can also provide consulting services for proposed construction, remodeling, room additions and actual design elements. Since there can be several issues that relate to the marketability of unique and differing designs, we offer this service to assist you with design considerations in the planning phase.

Who are our clients ?
Most of our case load comes from banks, credit unions and mortgage brokers for the purposes of lending although we also do work for other clients. We complete review appraisal work for asset management departments, valuations for attorneys in legal procedings, residential property investors and private individuals as well.

Are appraisals and home inspections different ?
Though a thorough appraisal should note significant issues with a property, it's primary purpose is to specify value-influencing items and characteristics as they relate to marketability and value. A home inspection however, is a more in-depth analysis of the physical property which identifies the condition of all major components.

How are appraisers accountable ?
Most real estate appraisers in the State of Ohio are licensed and/or certified under the supervision of the Division of Real Estate. There are different levels of licensure which include; General Certified, Certified Residential, Licensed Residential and Registered Appraiser Assistant. Applicants who apply for the exam process must demonstrate at least 2 years experience, several thousand hours of past case load and a set course of educational requirements.

Who owns an appraisal ?
In most cases, the lender is the owner of the appraisal even though the borrower may pay for it directly or through closing. The exception to this is when a client requests an appraisal for reasons other than lending, then the appraisal report is completed with them noted as the client and in a non-lender format.