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What to Expect in Your Appraisal Report: An Interview with Byron Peterson of Peterson Appraisals

By Byron Peterson

Tell us a little bit about your company and the services you offer.

Peterson Appraisals is located in McHenry County. We serve the entire county and the contiguous counties of Lake, Kane, and Boone. We have been in business for over 25 years offering Residential Appraisals. In addition to providing appraisals for mortgages we offer residential valuations for divorces, tax appeals, estate valuations, market valuations for potential buyers or sellers, and vacant land valuations.

What kind of information is included in the home appraisal report?

The appraisal report provides a complete description of the property. This includes both an interior and exterior inspection. Amenities, features, room and bath count, finished basement areas, condition, and upgrade items are all included. A thorough analysis of the site location, zoning, market conditions, and any external influences are taken into account. A floor plan, site plan, and photos are typically included in the report. The net result of the inspection is to develop a reasonable market valuation for the subject property as of a given date.

How long is the report and how long should it take to receive it?

The actual valuation portion of the appraisal report may only consist of 3-5 pages. However, an actual report which includes documentation, sketches, photos, and description pages may be in excess of 20 pages. The amount of time it takes to receive a report varies according to the complexity of the appraisal. A reasonable amount of time to expect the report, for a typical property after it is inspected, is 1-5 days.

What are two or three of the most common reasons for a low appraisal price?

There a number of reasons for a low appraised value. One reason is the overall market conditions for the housing market. This is both the macroeconomic conditions and the local market conditions. Location is another prime factor for either a high or low valuation for a property. Outside influences and ease of accessibility are primary motivators or detractors. Not to be discounted in a low appraised value, is the overall condition of the property.

How do you suggestion someone find a qualified home appraiser?

To find a qualified appraiser talk to local realtors, banks, and other professionals in the area.

What advice would you give to people who receive a poorly done report?

If you believe you have received a poorly completed report, the first recourse is to discuss your concerns with the party who supplied you with the report. While this may be the appraiser, it typically could be a lawyer, bank, or mortgage company. If you have additional information that the appraiser omitted or may not have had access to, make sure that you provide it to the appraiser for consideration. Fraudulent appraisals should be reported to the state.

What's the best way for people to reach you and your company?

My company can be reached by phone, fax, or email.
Phone: 815-334-1885
Fax: 815-334-1886

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