FREQUENTLY ASKED QUESTIONS
- What does our appraisal of my property cost?
- A major consideration for an agreement to enter into a contract with a professional service is what will be the cost and even beyond that what will be the maximum financial exposure. The following are the main determinants:
- Property
- Problem to be solved
- Time needed
- Type of report
- These are the major items that will determine the fee. Giving Galloway Appraisal this sort of data, a fee (will not exceed), time of delivery and type of report can be quoted.
- Will the value recommended by Galloway Appraisal be shared with others?
- Only the client, or those designated, will have access to the value found.
- Can the report be used for other purposes than quoted in the report?
- Generally, no - The report contains the purpose of the value found, with that being the foundation of the assignment.
- Should the purpose of the report be changed, a new assignment can be ordered with some of the data being useful for the new report.
- May I order the assignment and at a later date give it to the bank for a mortgage loan?
- No - All assignments for mortgage loan must originate with the Lender. Client-ordered assignments risk a loss of the fee when the bank will choose their own appraiser.
- What should I do to be ready for the appraiser's inspection?
- Subject property should be presentable as it would be for guests.
- Have ready copies of
- Deed
- PVA tax data
- Any recent cost to improve
- Income/expenses for last three years
- Current rent rolls
- Any other useful data for the appraiser - i..e., previous appraisal reports, etc.