Bank Appraisal Services

Bank Appraisals by Appraisal Associates

A bank appraisal is a written estimate of a property's market value. Prepared by a licensed appraiser, a bank orders it when a borrower applies for a mortgage loan. The bank uses the appraisal to determine if the property's value is sufficient to secure the loan.

The appraisal process can take a few days to several weeks, depending on the type of appraisal and state laws. The cost of an appraisal can range from less than $300 to over $800, depending on the property’s size, condition, and location. Appraisals are generally valid for 90 days to 6 months. Market conditions can reduce the length of time to as little as 30 days.

Banks will compare the appraised value to the loan amount. A licensed appraiser, whom the lender approves, typically conducts the appraisal. The appraiser will inspect the property and make notes of the condition, size, location, and any recent renovations. The appraiser will consider the sale prices of similar properties in the area. Appraisals are used not only for buying a new home but also for refinancing an existing home and selling a home.

Bank appraisals are conducted by independent appraisers hired by lenders for mortgage approval purposes. They are unbiased estimates of property value and a critical part of the mortgage loan process.

Advantages of Choosing Appraisal Associates

When you choose Appraisal Associates, you're opting for the best appraisal service in Wisconsin and Michigan. Here's what makes us stand out from the competition:

• Serving you since 1988
• Licensed in Wisconsin and MichiganWorks with over 60 appraisal management companies
• Service provided within one week to 10 days
• Current on all continuing education
• Free consultations in just one day
• Highly involved with community activities
• Sponsor for Wounded Warriors In Action

Contact us now if you want to learn more about bank appraisals. We can help!

Contact Us for a Bank Appraisal

Get your property appraised today. Appraisal Associates is here to help. With our extensive experience and dedication to accuracy, you can trust us to provide the detailed information you need. Get in touch with us today to discuss your appraisal needs and schedule your free consultation.