Appraisal F.A.Q. What is an appraisal? Can my realtor give me an appraisal? Who reviews the appraisal? Do I get a copy of the appraisal? Do I need an appraisal and a home inspection? Do I have to buy flood insurance? How long does an appraisal take?     What is an appraisal? An appraisal is a statement of value which is arrived at through a thorough analysis of the market near by the home you are purchasing or refinancing. Only a professional, licensed appraiser can conduce an appraisal. Can my realtor give me an appraisal? No, it would be a violation of housing valuation code of conduct. Real estate agents like us, can provide you with a list of recently sold properties in the area to get an approximation of what the property of interest may be worth. Appraisers must compare like with like properties in order to come up with their estimation of value. Contact us if you would like a FREE listing of similar properties sold near your current home or one you are interested in purchasing. This is not an official appraisal but it will give you a good estimation. Who reviews the appraisal? Loan officers and underwriters. Do I get a copy of the appraisal? We will include a copy of the official appraisal in your closing documents. You can review the appraisal three days before closing if your appraisal is paid for ahead of time.I am purchasing a new home. Do I need an appraisal and a home inspection? An appraisal is required by the lender. An inspection is up to you but it is recommended. Do I have to buy flood insurance? This is not your choice. FEMA – determines whether you need flood insurance based on the 100 year flood plane location of the property. How long does an appraisal take? About a week to process.