What’s my house worth?
This question is asked by many homeowners at the conclusion of an appraiser’s physical inspection of the property. There are two important reasons why an appraiser typically cannot answer this:
- The physical inspection of a property is only the beginning of the appraisal process. After the inspection, data must be collected and analyzed to determine a property’s estimated market value. An appraiser has no way of determining what the property’s value might be until he or she analyzes all the necessary data.
- Generally, an Appraisal is ordered by a lending institution (which is considered to be the client), and although the home-owner is typically required to pay for the appraisal, the appraiser is bound by law NOT to reveal the conclusions to anyone except the client without direct permission from the client.