All states require appraisers to be licensed or certified after completing a combination of coursework and field experience. The specific requirements vary by state. During the physical inspection, you're going through the house, you take measurements of the exterior dimensions of the house, you're taking pictures of the subject property, you're also looking at the subject neighborhood to look at the predominant value of the homes in the neighborhood. Positive factors could be a park or a neighborhood that's close to the goods and services in the area. An appraiser will then compare the house being evaluated with similar houses that have sold recently in the neighborhood.
Many states require appraisals if the mortgage is above a specified amount.
That amount varies by state. If an appraisal is required, your lender will tell you. The cost of the appraisal will be added to the closing costs, and in some cases can be added to the mortgage. Mistakes can make a big difference in the value of the home, and checking the information can save you headaches later. Home Spot is provided for your personal, non-commercial use.