How Do You Get a Home Appraisal in Chicago

Getting a home appraisal is a necessity if you are trying to buy, sell, or refinance a home in Chicago. Many people, especially first-time home owners, wonder about what the process is like and how they go about obtaining an appraisal. The process of getting an appraisal is pretty straightforward, and we will make it even clearer with this blog.

To ensure that your appraisal process is smooth, you should hire a reputable home appraiser in Chicago. Once you book an appointment with an appraiser, the process follows an in-home visit by the appraiser, and then receiving the report. Read on to know more about everything!

Importance of Home Appraisals in Chicago

A home appraisal plays an important role in real estate transactions, like buying or selling a home. In a dynamic market like Chicago, it plays an even more important role.

First of all, lenders require an appraisal to ensure the home’s value matches the loan amount. It helps protect both the lender and the borrower from risky transactions. A lender won’t approve a mortgage without an appraisal. So, you are left with no choice but to get one.

Even if you are refinancing, an appraisal is necessary to determine how much equity you have in your home.

Different Uses of Home Appraisals

Appraisals aren’t just used for buying, selling, or refinancing homes. There are several different reasons why you might need an appraisal. 

An appraisal can be very useful in getting rid of PMI if you have one. It is used for things like settling an estate or dividing the assets during a divorce. People will also need appraisals while filing for bankruptcy. Short sales or foreclosures are also where appraisals will be needed.

Given that, people who own homes will need appraisals every now and then. It’s not just a thing while buying and selling your home.

The Home Appraisal Process in Chicago

The complete process for getting a home appraisal in Chicago can be divided into the following three steps:

Finding a Qualified Appraiser

The first step in obtaining a home appraisal is to find a licensed home appraiser. Sometimes, your mortgage lender provides you with an appraiser, and you have little to no choice over the selection. In most cases, however, you will be responsible for finding your appraiser.

To begin your search, you can ask your real estate agent (if you have one) for recommendations. You can also ask your family and friends for any referrals. If that doesn’t work, searching online should be your way to move forward. Start with a Google search, browse local home appraisal companies, read reviews, and make your selection.

In addition to being licensed, you would want your appraiser to be experienced with Chicago neighborhoods and knowledgeable about the local market. If you haven’t found one yet, AnDel Appraisals can prove to be a good choice.

In-Home Appointment

After talking to your appraiser of choice, you will schedule an appointment with them for a home visit. The appraiser (sometimes with a team) will visit your home to survey it, take pictures, and gather information.

You should try to be well prepared for the visit to make the process smooth and quick. Preparation includes cleaning and decluttering your home, gathering data about recent improvements, and completing any minor repairs.

Receiving The Appraisal Report

After the appraiser leaves your home with all the data, they will start working on the appraisal report. Creating that report in itself is a different process, and covering all of that is beyond the scope of this blog, but we will try to give you a brief idea of what goes into it. 

Things that can influence the value of your appraisal are:

• Location of your home, reputation of your neighborhood, vicinity to schools, and amenities like shopping malls, restaurants, etc.
• Property size and condition
• Recent upgrades to the home
• Market trends, seasonal fluctuations, and inventory levels
• Unique features like historic homes, lakefront properties, etc.

Appraisers will also research the recent sales of houses comparable to yours in your area. This is an important step and influences your appraisal value a lot.

Ready For Your Appraisal?

After reading the above information, you should now be well equipped to navigate your home appraisal process with confidence.

If you are still in the phase of finding a good appraiser, consider giving AnDel Appraisals a shot. We have doing appraisals in Chicago since 2012 and are well equipped to provide an excellent service to any homeowner for any type of appraisal. We are just a call away!