What does an appraisal determine?
Property’s Fair Market Value by reviewing many factors including location, the property’s condition, and recent sales of similar homes in the surrounding areas.
What 5 specific types of appraisals are there?
County Tax Assessed Value– TAV, Drive By Inspection, Automated Value Module– AVM, Limited Scope Appraisal, Full Appraisal
Which appraisal allows us to accurately establish Escrow accounts and does not have a fee?
County Tax Assessed Value - TAV
Which appraisal involves a licensed appraiser to examine the exterior of the property and complete a basic evaluation, using similar factors such as the appearance of the neighborhood?
Drive-By Inspection
How much does a Drive-By Inspection cost?
Known as the "$32 Exterior/Drive-By"
Which appraisal is a simpler, more cost-effective way to get a valuation of a property. Also known as a Desktop Appraisal?
Automated Valuation Model
How much does an AVM cost?
$12
What does QSAR stand for?
Qualitative Summary Appraisal Report
Which is the second most complex appraisal type that may be used, often used when comparing the cost to other appraisal types?
Limited Scope/QSAR
How much can a QSAR fee start at?
305$
How much can a full appraisal cost?
Full Appraisals cost $535.00 & up
Which appraisal do most borrowers expect during processing, especially during a Purchase? This one's usually the most complex and lengthy processors review.
Full Appraisal
What is Mandy's favorite color?
White! and yes it is a color
