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* Covid-19 Protocol *

Notice to all our clients: Appraisers are considered essential workers due to our work in the mortgage lending industry. CM Appraisals is still providing full appraisal services while following all current CDC guidelines to avoid viral transmission. If you have any concerns or questions, please call us and we can further explain our protocols for providing a safe environment in order to perform valuation services of your home.

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F.A.Q.

Q:  What exactly is an appraisal?

A:  A real estate appraisal is the practice of developing an opinion of the value of property, or what is commonly called “market value”.
​Visit here for a more detailed explanation of the appraisal process.

Q:  Are there different types of appraisals?

A: Most of the Real Property Appraisals we perform are for “Market Value”, either for private use, or for lending, when our client is the bank. An appraisers opinion of “market value” takes into account that a property is sold on the open market, as an “arm’s length transaction” between informed buyers and sellers, with typical motivation, without pressure, or special financing considerations. Typically most appraisals are performed for the mortgage industry, estate and tax purposes, divorce settlement, and pre-listing for the sale of a home.

Q:  The appraiser was only here for half an hour, so why does it cost so much?

A:  The appraisal inspection is only a small part in the data collection portion of an assignment.  Many additional hours are dedicated to collecting and verifying information even before the complex analysis begins.  Visit here for a more detailed explanation of the appraisal process.  

Q:  What happens next after the appraisal inspection and why does it take so long?

A:  Most appraisers time their inspections to overlap the finishing of a current assignment, in order to ensure continuous workflow.  Once the report is complete, they move on to the next assignment with zero down time.  So, after their visit of your home, they will more than likely finish their current assignment first, before continuing with yours.  Furthermore, once completed, the report is delivered to the client (lender) who will require additional review time and internal processing of the information before the closing.

Q:  How can I add value to my home or home appraisal?

A:  Visit our Tips and Advice page for more details.

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 COMMON MYTHS ABOUT APPRAISERS & APPRAISALS

MYTH

APPRAISERS AND HOME INSPECTORS ARE THE SAME.

FACT An appraiser provides an objective, unbiased analysis so the lender can better understand the value of a property.  An inspector is typically hired by the borrower and performs and objective visual examination of the physical structure and systems of a house to endure the structural integrity of the property.  

MYTH

MONEY PUT INTO A HOME TRANSLATES DOLLAR-FOR-DOLLAR INTO A HIGHER APPRAISAL.

FACT "Cost does not equal Value". The cost put into a home improvement may very well add value to a home; however, the value of any home improvements are based on what the market is willing to pay for them, and does does necessarily correlate to the costs. Not all renovations positively impact property values. For example, an in-ground pool in a market where there is little or no demand for this amenity, could have a negative effect on market perception. Learn more about adding value to your home.

MYTH

APPRAISERS SET THE VALUE OF A HOME.

FACT  Appraiser's do not set the value of a home, nor do they confirm a home's sale price.  Their role is to produce a credible opinion of value which reflects the current market.  The market (more specifically; homes similar to yours, that have recently sold, in your immediate area) is what ultimately determines the value of your home.  It is the appraisers job to collect, verify, and analyze this information, then report the results.

MYTH

AN APPRAISER IS HIRED BY THE BORROWER.

FACT  Even though the borrower may be responsible for the cost of an appraisal, the appraiser is hired by the lender and is considered the client. Appraisers provide analysis of the collateral so that lenders understand the value of a property when making the loan decision.

MYTH

A ZILLOW ZESTIMATE® EQUALS MARKET VALUE

FACT Zillow’s own website states: “The Zestimate® home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location, and market conditions. We encourage buyers, sellers, and homeowners to supplement Zillow's information by doing other research such as:
  • Getting a comparative market analysis (CMA) from a real estate agent
  • Getting an appraisal from a professional appraiser​“
To learn more about the accuracy of a Zestimate® please visit their website:
https://www.zillow.com/zestimate/
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Top 10 Things You Need To Know About A Real Estate Appraisal Inspection

by Clayton Closson on January 20, 2009 Mortgage News
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Did you know that real estate appraisals are required on a property whenever it’s financed – whether you’re buying a home or refinancing a mortgage?

The sad truth is few people really know how appraisals fit into the home buying process. That’s not a good thing. People need to understand what appraisals are, who does them, and why they’re required. And most importantly, a real estate appraisal inspection is NOT the same thing as a home inspection (when buying a home). A home inspection is much more in-depth and designed to find things wrong with a home, such as problems with the foundation, furnace or roof improperly installed, etc. An appraisal will take obvious defects into account, but not nearly as much as a home inspection.

1.  The appraiser confirms that the property exists and is in livable condition.
2.  The appraiser confirms reported square footage.
3.  The appraiser checks all rooms for obvious damage that could affect value.
4.  The appraiser will verify reported upgrades (you’ll provide that information prior to the inspection).
5.  The appraiser will note all permanent features to a home that could affect value. Like the built-in appliances in the kitchen. Removable items are not included in appraised value.
6.  The appraiser will check the basement for updates and finishing, but NEVER include it in sq. footage.
7.  Updated basements can increase a property’s value, but they can’t be included in sq. footage.
8.  The appraiser verifies there is a working furnace and air. But remember, they don’t test a furnace the way a home inspector would. They just confirm it exists and appears to work.
9.  The appraisal verifies the number of bedrooms. To be counted as a bedroom, the room must have closets and windows. Keep in mind: DON’T start a room project you don’t plan on finishing before the inspection. It may hurt your value.
10.  The appraiser checks the front and back of the house and measures all land area on the property
​Finally, remember: What you spend on updates may or may not raise the value of your home a by the same amount. Don’t expect that $25,000 kitchen to raise the value of your home $25,000. It may or may not.
One last tidbit – don’t worry about how clean your house is. Appraisers don’t take that into consideration. But do cover over cracks in walls or finish any minor retouching you may have started. Make your home look as finished and as nice as possible; don’t leave any unfinished painting or renovation jobs in limbo. Get those done and you’ll do your appraisal a favor.

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    Please submit this short form.  We will contact you within one business day.  We look forward to working with you.
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859 US Route 1, York, ME 03909-5835 | 207-363-3782 | info@cmappraisals.com
17 Hamlin Road, Falmouth, ME 04105-2206 | 207-809-8165 | info@cmappraisals.com​
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