When bank does appraisal of a house, do they come out to see it?

Question

Or do they just go by surrounding homes/tax records/etc?

Answer 1

Depends on the type of loan you are getting and if it's for a purchase or refinance. Most times than not they will go to the property and take pictures, measurements, etc.  in addition to gathering comps.  

Answer 2

The bank hires a professional appraiser who goes out and inspects the property and takes photos and who also research comps, and taxes.

Answer 3

Yes.. they take photos and measurements.

Answer 4

On a purchase they typically send an appraisor to the home to do a quick walk through as well as look for any specific conditions if the type of loan you are doing requires it.  

On refinances a lot of companies will simply just base the valuation of the home off of sold comparables without looking at the home...typically the appraisal is a little higher on a refinance than a purchase.  

Remember this: an appraisor on a home purchase is simply substantiating the agreed upon purchase price.  For example, if you know a home is valued at 250K and you can buy it at 230K, the appraisal value will probably be real close to the 230K mark.  Especially with the loan industry going through the troubles it has lately, banks are leaning on appraisors to be fairly conservative.

Hope this helps!

www.kalebkunz.com

Answer 5

The lender needs an appraisal when there is a refinance or a purchase.  They hire an appraiser to go to the property and do an inspection and write a report with an estimate of value based on current market activity.  Most require the appraiser to take internal as well as external pictures of subject property and only external pictures of the comparable properties.  

Answer 6

The bank hires an appraiser to come to the home and measure it for SF, take exterior photos of the home and interior photos. The appraiser will note any deferred maintenance. If its a FHA appraisal they will take pictures of all sides of the home and interior photos. The appraiser will also take photos of the attic space and crawl space. The appraiser is the eyes of the bank or lender. No they do not just go by the surrounding homes and tax records. Your tax assessment has nothing to do with the appraised value of a prop.