What an appraiser does
The Consumer Financial Protection Bureau describes an appraisal as an independent assessment of a property's value. The appraiser gathers facts about the property, compares it with similar properties, and states a value as of a date with the reasoning. In Randy M. Sonns's published process, that includes a consultation, an inspection of the property, a market analysis, a written report and electronic delivery.
At a glance
Who hires an appraiser
| Who hires | Typical reason |
|---|---|
| A lender | To confirm the property supports a loan |
| An owner | To document a value before a sale or private decision |
| An attorney or a spouse | To value a home in a divorce |
| An executor or trustee | To value property in an estate or trust |
Who the report is for
The person who hires the appraiser is not always the only user. The report names its intended users, and the engagement says who gets a copy. They can differ, and the difference matters when several people rely on one report.
What an appraiser does not do
An appraiser does not set the price, decide a legal outcome or inspect a property for defects as a home inspector does. The report states a value and its limits.
When to seek one
Seek an appraiser when a decision depends on a documented value: a sale, a purchase, an estate, a divorce, or a private choice. Describe the purpose and the date and the appraiser can tell you what the report would cover. For the basics, read what is a home appraisal, and for hiring questions see questions to ask an appraiser and what makes an appraiser certified.
Frequently asked questions
Does the appraiser work for the lender or for me?
It depends on who engaged the appraiser. The engagement states who the client is and who may rely on the report.
Can an appraiser also be my agent?
Ask about independence before you order, because roles may conflict. The appraiser should explain the terms.
Is an appraiser the same as an assessor?
No. A county assessor values property for taxation, and an appraiser prepares a report for a stated purpose.
What if I disagree with the value?
Read the comparable sales and ask the appraiser to explain. A factual error can be corrected with proof.