RIDGECREST APPRAISAL
FAQs
01
What is an appraiser?
An appraiser is one who is expected to perform valuation servcies competently and in a manner that is independent, impartial and objective.
02
Do appraisers have to be certified?
All appraisals in Washington and Idaho are required to pass an exam and take course work to become certified. Every year they have to take a minimum number of continuing education classes to maintain certification. All appraisers are required to uphold to the Uniform Standars of Professional Appraisal Practices (USPAP).
03
When would I require a real estate appraisal?
Situations when you would require a real estate appraisal may include but are not limited to:
- Applying for a loan
- Estate settlement
- Removing PMI
- Foreclosure
- Property Tax Appeal
- Valuation of trusts
- Setting asking prices
- Setting offering prices
- Divorce settlement
04
What is PMI?
PMI is Private Mortgage Insurance. When you purchase a home with a down payment of less than 20% then your lender in most cases will require you to get Private Mortgage Insurance. Some lenders allow for PMI to be removed if a new appraisal is done that shows the equity in your home is now greater than 20%.
05
What is the difference between an appraisal report and an appraisal measurement?
A measure is used to verify the square footage of a structure. This is typically requested when a homeowner adds on an extra room or increases the square footage and wants the total square footage verified.
An appraisal report is when an appraiser gives an opinion of value for real property.