Every ComFree client will receive a desktop appraisal to use as a general guideline for setting an asking price. This appraisal is provided by an independent and unbiased designated appraiser.

Here are some Frequently Asked Questions about appraisals.

Why is an appraisal important?
An appraisal is important because it is an independent, professional, impartial and objective opinion of value based on current market information. When completing any appraisal assignment, appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). When you enlist the services of an appraiser, you are retaining the service of an independent professional that has no vested interest in the valuation. Appraisers will present you with an opinion of value based on proven methods, knowledge and experience.

How accurate is an appraisal?
Appraisals are opinions of value, therefore appraisal reports can vary from appraiser to appraiser. However, every appraiser utilizes consistent methods and approaches when determining this opinion of value, therefore these opinions of value should not differ significantly.

What is the difference between a restricted use appraisal and a summary appraisal?
Essentially, the difference between the two types of reports is the level of detail contained in each report. A restricted use report is a brief report that will analyze recent sales data of comparable properties in order to determine a value range for the subject property. A complete summary appraisal utilizes the same approach, however more technical and detailed information about the subject property is analyzed in order to determine an exact value.

When listing through Comfree, can the client upgrade their appraisal from a restricted use appraisal to a complete summary appraisal?
Yes! Clients will always have the option to upgrade to a complete summary appraisal. Since they have listed through Comfree they have the option of upgrading their appraisal for an additional $150. They will have to contact Horizyn directly to arrange for an appraiser to visit the property.

What important factors contribute to the appraisal process?
An appraiser takes many factors into consideration when determining an opinion of value for a property. Appraising utilizes a holistic approach and considers factors including style of home, square footage, size of lot, neighborhood, age, condition etc.

What specifics features can add to the value of the property?
There are many factors that can add to the value of your property such as a well-designed floor plan, up-to-date maintenance, presentation and proximity to amenities. Some of the factors that can decrease the value of your property include a poorly designed floor plan, lack of maintenance and poor location.

What is the difference between a market evaluation and an appraisal?
An appraisal is an objective and impartial report that determines an opinion of value prepared by a licensed professional in accordance with stringent standards. A market evaluation is a comparative analysis usually prepared by realtors.

What is the difference between an Automated Valuation Model (AVM) and an appraisal?
An AVM is a computer-based program that models and analyzes the current market trends based on property records, MLS data and other various sources in order to determine a value range for a subject property. AVMs can be useful tools, however, since these reports are generated by computer models there can be a larger potential margin for error. An appraisal may utilize the same data, however, each report is prepared by a licensed professional. The appraiser carefully analyzes every aspect of the report in order to ensure accuracy.

Is the client obligated to list their property within the price or price range provided by the appraisal?
The appraisal is to be used as a guide to assist the homeowner in the determination of a listing price. It is solely up to the owner to decide on the final listing price.

Can a client request an update to their appraisal if there have been changes to the property (i.e. renovations, re-zoning, etc.)?
The client can request an update to their previous appraisal at any time. However, the client will be responsible for any additional costs.