Appraisal FAQ
Frequently Asked Questions About Residential Appraisals
Straightforward answers for New Jersey homeowners, families, attorneys, CPAs, and other professionals considering a residential appraisal.
What is a real estate appraisal?
A real estate appraisal is an independent, professionally developed opinion of value for a specific property, intended use, and effective date. The appraiser researches the property and market, analyzes relevant evidence, and communicates the conclusions in a written report.
When might I need a private appraisal?
Common reasons include date-of-death or estate administration, potential PMI removal, pre-listing or FSBO planning, a private or cash purchase, and a property-tax assessment appeal. The correct scope and effective date depend on the purpose, so it helps to explain how the report will be used before the assignment begins.
How is an appraisal different from a home inspection or a CMA?
An appraisal develops an opinion of value. A home inspection focuses on physical condition, defects, and systems and does not establish market value. A comparative market analysis, or CMA, is typically prepared by a real estate agent to help with a listing or offer strategy; it is not an appraisal completed under professional appraisal standards.
What happens during the property visit?
For an assignment that includes an interior and exterior observation, the appraiser typically measures the dwelling, photographs relevant areas, observes the layout, condition, quality, and features, and notes site and neighborhood characteristics. The visit is not a code-compliance inspection, environmental assessment, or guarantee that every defect will be discovered.
How should I prepare?
Provide safe access to the dwelling and any relevant areas, secure pets, and make a list of significant improvements with approximate dates. Permits, surveys, floor plans, prior reports, leases, or other documents may be helpful depending on the assignment. Normal housekeeping usually has little direct effect on value, but clear access helps the property visit proceed efficiently.
How are comparable sales selected?
Comparable sales are chosen for their relevance to the subject—not simply because they are the closest or newest sales. Location, property type, design, age, condition, quality, size, site, view, amenities, sale date, and market circumstances may all affect selection. The appraiser then analyzes meaningful differences rather than assuming the properties are identical.
How much does an appraisal cost?
The fee depends on the assignment’s intended use, property type, complexity, location, effective date, available data, and required scope of work. A custom or waterfront property, retrospective date-of-death assignment, or unusually complex home may require more research than a typical residence. We provide a quote after reviewing the basic property and assignment details.
How long will the appraisal take?
Timing varies with scheduling, property complexity, the intended use, data availability, and current workload. We will discuss the expected timeline before accepting the assignment and communicate promptly if additional research or information is needed.
Can an appraisal be completed for a past date?
Yes. A retrospective appraisal develops an opinion of value as of a prior effective date, such as a date of death. The analysis uses market information relevant to that historical date rather than simply applying today’s market conditions to the property.
Can I order an appraisal to help remove PMI?
An appraisal can help you understand current value and equity, but the lender or mortgage servicer controls its PMI-cancellation process and may require that the appraisal be ordered through an approved channel. Contact the lender first to confirm its requirements before ordering a private appraisal for this purpose.
Will an appraisal match an online estimate, tax assessment, or sale price?
Not necessarily. Online estimates, tax assessments, asking prices, contract prices, and appraisals may rely on different data, dates, definitions, and purposes. A difference does not automatically mean that one figure is an error; the relevant question is whether the appraisal’s property information, market evidence, analysis, and intended use are appropriate.
Who can receive or discuss the report?
Appraisers have confidentiality obligations. The client and any identified intended users are established as part of the assignment, and the appraiser generally cannot share confidential results with other parties without proper authorization. If an attorney, CPA, executor, lender, or family member needs to use the report, identify that need before the engagement is finalized.
What areas and property types do you serve?
K Hasbrouck Appraisals provides residential appraisal services throughout New Jersey, with a primary focus on Monmouth and Ocean Counties. Kristine is a New Jersey Certified Residential Real Estate Appraiser with experience involving typical, waterfront, coastal, luxury, custom, and complex residential properties. Contact us with the address and intended use so we can confirm availability and competency for the assignment.