Understanding the Appraisal Process
Free guide for homeowners, attorneys, and anyone ordering their first appraisal
About This Guide
An appraisal is an independent, data-driven estimate of market value by a licensed appraiser. It is used for purchases and refinances, and for divorce settlements, estate planning, tax appeals, and other decisions.
This guide explains the three approaches to value (sales comparison, income, and cost) and when each is used, then walks through the five steps of an appraisal: preliminary research, the physical inspection, market analysis of comparable sales, report preparation, and report delivery.
Questions This Guide Answers
- What is a home appraisal and why does it matter?
- What are the sales comparison, income, and cost approaches?
- What does the appraiser research before the inspection?
- What happens during the property inspection, and how long does it take?
- How are comparable sales selected and adjusted?
- What is in the final appraisal report, and how is it delivered?
More answers on our Frequently Asked Questions page, or browse all free guides.
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This guide walks you through the full appraisal process, from initial research and property inspection to market analysis and final report delivery, helping you understand how your home’s value is determined and what to expect every step of the way.