What Happens During an Appraisal or Valuation?

When someone is seeking a remortgage one of the steps in the process is for the appraisal of the property to occur. 

An appraiser will come to your home and do a physical inspection. They will need access to every room of your home. During the inspection the appraiser will be looking at the structure, condition, and important features of the property.

Measurements of the property will be taken or the appraiser will obtain figures from the appraisal that was done when you obtained your first mortgage.

The appraiser will then use the information they collected as well as data about other homes in your area that are comparable to yours to help arrive at an appraised value of your home. An appraised value is the assumed value of your home, not what it would sell for since no one knows what a buyer would be willing to pay for a home.

The appraiser will then submit a written report in detail about the home and property and how they arrived at the appraisal value. This is the figure the lender will use to determine the equity you have in your home and to help determine the amount of loan you qualify for.

Appraisers are contracted employees of the lender to conduct the appraisal on their behalf.