An appraisal includes a few steps. First, the appraiser contacts the listed “point of contact” (usually the current homeowner and/or listing agent) and schedules the inspection. There are several different types of appraisals and inspections that go along with this. Some are exterior only, some are interior and exterior, and some even include a professional property photographer virtually scanning the full interior of the property.
Following the inspection, the appraiser completes a report – identifying all details of the home that add or detract from the property value. The appraiser also compares the subject property to other homes in the area (called “Comps”) that have sold recently. In this process, they look for homes with similar build, room count, geographic similarities, and recently sold properties.
Once the appraiser comes up with a value, the completed report is sent back to the Class Valuation. We run the report through our Class INtelligence rules engine to rapidly identify possible issues. Our quality control team then completes the QC Examination as flagged by Class INelligence. If revisions are needed, it is returned to the appraiser. Once the revisions are completed, the appraisal is considered complete and is returned to the lender.
