Phoenix Home Appraisals

Written by Jeremy Horelick
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Phoenix home appraisals are requested every day by banks and other financial institutions with real estate holdings. It is the job of these banks to determine whether a particular property makes for an attractive investment. The criteria for this are high potential growth, minimum risk, and qualified buyers.

The job of Phoenix home appraisals is to calculate the amount of money a property can reasonably expect to command in a competitive market. What makes this a tricky task is the fact that Phoenix is home to an incredible disparity in its home values, even in neighborhoods or areas that look to be homogenous. Travel down from Pinnacle Peak, Carefree, and other northern communities to parts of southern Scottsdale, and home values often plunge.

The Process of Phoenix Home Appraisals

Phoenix home appraisals involve the comparison of comp properties to the subject property, or the one in question. A state-licensed appraiser will find three homes within the same subdivision when possible, then use those as the basis for calculating value. Because most appraisers don't actually enter the comp homes in question, these valuations can be general and hence have lots of leeway built in.

One thing that prospective homebuyers must be sure to do is request a copy of the appraiser's report. As strange as it sounds, borrowers are often barred from seeing these sheets unless they make specific arrangements in advance to do so. As the client, it is the lender who gets to decide who sees the data collected by the appraiser, though with a little bit of effort you can make sure your name is on that list.

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