General Home Appraisal Service Questions
What is a home appraisal?
A home appraisal is an unbiased, professional estimate of a property’s market value, based on its features, condition, location, and recent comparable sales in the area.
Why do I need an appraisal?
Appraisals are essential for buying, selling, refinancing, settling legal matters (like divorce or estate planning), tax appeals, or removing PMI. They ensure all parties have an accurate understanding of a property’s fair market value.
How much does an appraisal cost?
The cost of an appraisal may vary based on property size, complexity, and location. For example, a small home in Chicago will typically cost less than a large rural estate.
How long does the appraisal process take?
Once the property is inspected, the completed report is typically delivered within 5–7 business days.
Home Purchase Appraisals
When is an appraisal needed in the homebuying process?
Most lenders require an appraisal to confirm the home’s value before issuing a mortgage. If you’re a cash buyer, an appraisal is a smart way to ensure you’re not overpaying.
Can I choose my own appraiser if I’m getting a mortgage?
Not usually—lenders typically order appraisals through third-party management companies. However, if you’re paying cash or ordering an appraisal for personal or legal reasons, you can choose your own provider like Real Valuation Services.
Do I need to be present during the appraisal?
No, but access to the property is required. If you’re the buyer, seller, or homeowner, you can coordinate with the appraiser directly to arrange the inspection.
Legal-Related Appraisals
What is a date of death (estate) appraisal?
A date of death appraisal determines a property’s value as of the day a person passed away. This is commonly used for estate settlement, inheritance division, or tax reporting.
What is a divorce appraisal used for?
In divorce cases, an appraisal provides a neutral valuation of the shared property to assist with equitable distribution or buyouts. Courts often require each party to obtain a separate, court-defensible appraisal.
Can an appraisal be used in court?
Yes. Our appraisals are court-ready and can be used in probate, divorce, tax appeal, bankruptcy, or eminent domain proceedings.
Real Estate & Investment Appraisals
What is a pre-listing appraisal?
A pre-listing appraisal helps homeowners and Realtors set an accurate asking price before listing a home for sale—especially valuable for unique or hard-to-price properties.
Do you provide commercial property appraisals?
Yes. We offer commercial real estate appraisals for offices, retail, industrial, multi-unit residential, and investment properties across Illinoisand Northwest Indiana.
What if I co-own a property and want to sell my share?
We provide partial interest appraisals, which determine the value of an individual’s ownership share in a jointly owned property.
The Appraisal Process
How do I get started with an appraisal?
Simply contact us to request a quote. We’ll send a DocuSign engagement letter and a secure payment link. Once signed and paid, your appraisal will be assigned to one of our certified appraisers.
When does the turnaround time begin?
The clock starts after the on-site inspection is complete. You’ll receive your full report via email within 5–7 business days.
How is the value determined?
Our appraisers evaluate your home based on its condition, size, upgrades, location, and comparable sales in the area. All reports meet industry and legal standards.
Service Areas
Where do you provide appraisal services?
We proudly serve Illinois (including Chicagoland), Northwest Indiana, and Wisconsin, offering residential and commercial appraisals backed by local market expertise.
Still Have Questions Regarding Property Appraisal Services at Real Valuation Services?
Our team is here to help. Contact us for personalized support or to request your appraisal today.