Residential Appraisals

residentialIf the appraisal is to be used in conjunction with the bank loan or sale, feel free to discuss how to go about this with your lender or realtor.

Feel free to contact us to discuss your appraisal needs at Horan & Company. 907-747-6666 or e-mail at: or fill in the form on our contact page and we'll get back to you.

-What is a residential appraisal?

These are usually summary form appraisals. The level of research, analysis and reporting depends upon the intended use and intended users. Some users may be less familiar with the market and want a detailed analysis and report because they are lending a large enough sum of money or have to reconcile the exact value for other purposes, such as an estate distribution. On the other hand, some users may be familiar with the market and only need a generalized value requiring less in-depth analysis and perhaps a report stating a range of value.

-What do I need to know to order a residential appraisal?

The most important thing to know is the intended use in the intended users. For instance, if you're selling your house and intend to use the appraisal for your buyers financing you should know that most banks need to order the appraisal and be the client. In this case, you should not order an appraisal. If you intend to use the appraisal just to inform yourself on what a marketing value range may be for your house this may require a different scope of the appraisal than if you intend to use the appraisal to set the value and share it with others.

A description of the property and the way it's being used are also important in developing the scope of appraisal. You will be asked whether it is a single-family residence, duplex or multifamily, mobile, mobile, zero lot line, condominium or other. If it's being rented out or used for business or owner- occupied are important. Knowing the basic size, layout and salient features of the property are also helpful to know when ordering the appraisal.

The appraiser is not a building inspector and an appraisal is not an inspection report to determine the condition of the property or whether or not it's in compliance with code. Any engineers reports title reports, permits and other information relative to the condition of the property or its legal usability are important to furnish to the appraiser so those conditions can be reflected in the value. Concealing the legal title conditions or physical property conditions from the appraiser and other market participants may have some legal consequences. Be sure to discuss them with the appraiser.

-Residential appraisal.

Our residential appraisers are available for all of Sitka including the sounding islands. In addition to the typical appraisal of 1 to 4 family properties, we perform a variety of residential appraisal services. This includes vacant lot appraisals, subdivisions, absorption studies, feasibility studies and market rent surveys, just to name a few.