Frequently Asked Questions

What is your turn-around time?
Currently, our turn-around time is 48-72 business hours after inspection. Complex, rural and multi-unit dwellings may take longer.

Can I get a copy of my appraisal?
Unfortunately if the order was placed by a lender/loan broker we are unable to give the borrower a copy of his/her appraisal even if the borrower paid COD for the report. Due to Federal Regulations, the appraiser has a fiduciary responsibility to the lender that ordered the appraisal and CANNOT reveal any details regarding the appraisal to anyone, including the borrower.

Do you do “Comp Checks”?
Please view our “Comp Check” page for a full explanation of our comparable sales history service and other free services we recommend.

What is your Coverage Area?
Please view our “Service Area” page for a list of general areas covered.  Contact us with any area that you don’t see on the list to verify coverage.

Do you accept credit cards?
Yes, we accept credit card payments via PayPal.

Can you invoice me for the appraisal?
We offer 30 day invoicing after completion of the appraisal to loan brokers.

Can I get an appraisal update?
Certainly! Utilizing the new Fannie Mae forms, the appraisal update can now only state that the value in the original report has either declined or has not declined. There can be no changing of the value without a new appraisal report.

Are values rising or falling?
This is a very good question, and one that cannot be easily answered because they are both rising and falling in different neighborhoods and in different price ranges in the same neighborhood. Contrary to what we read in the papers, Appraisers can only determine a rising or falling market by carefully examining the recent sales and listing data in a neighborhood. These figures, many times, do not match those of the overall market in a city or regional area.  Typically, in areas that have new home construction, values are declining as the stock available is greater than the demand. However, in areas with no recent tract developments and a shortage of vacant land, values can be either stable or rising or if declining, they are declining at a slower pace.

What can I expect when the appraiser arrives at my home for the inspection?
An appraiser must measure the exterior dimensions of the improvements (home, garage, outbuildings etc.); take photos of the exterior and interior of the home; and finally complete a visual inspection of the property and note its salient features. Typically, and appraiser will take about 30 to 60 minutes for the entire inspection.

Which home renovations add the most to the price?
The answer to this is different depending upon the location of the home. Different markets value amenities differently. For example, adding a central air conditioner in Houston, Texas may add significant value, while putting one in a home located in Buffalo, New York might not have much impact.

As a rule, the most value returned from renovating a home comes in the kitchen. According to one national survey, kitchen remodels returned an average of 88% of the investment. In other words, a $10,000 kitchen remodeling project would add approximately $8,800 to the value of the home. Bathrooms were second, returning 85%.

What is the difference between an appraisal and a home inspection?
The appraiser is not a home inspector nor does he/she do a complete home inspection. An inspection is a third-party evaluation of the accessible structure and mechanical systems of a house, from the roof to the foundation. The standard home inspector's report will include an evaluation of the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure.

If you have any other questions please call Genuine Appraisals at 630.202.9186 or email orders@genuineappraisals.com.