Frequently Asked Questions

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J & M Appraisal Solutions is a residential real estate appraisal business that provides professional appraisal services to clients.

A residential appraisal report is an unbiased assessment of a residential property considering various factors such as the property’s condition, location, size, and comparable sales in the area to determine their Opinion of Value. The residential appraiser may use several approaches to arrive at the estimation of value.

The Cost Approach considers how much it would cost to replace the improvements, less physical deterioration and other factors, then adding the land value. The Sales Comparison Approach, the most commonly used approach, makes a comparison to other similar properties within a close vicinity which have recently sold and tends to be the most precise and best indicator of value for a house. The Income Approach, the least commonly used, determines the value of a property based on what an investor would pay based on the income produced by the property.

Residential appraisals are typically required during real estate transactions, mortgage financing and refinancing, employee relocation, estate planning, divorce settlements, private mortgage insurance (PMI) removal, FHA and USDA loans, and other situations where determining the fair market value of a property is necessary.

Residential appraisers may be hired by lenders, real estate agents, homeowners, buyers, sellers, attorneys, and other parties involved in real estate transactions or legal proceedings.

Several factors can affect the value of a residential property, including its location, size, condition, age, amenities, recent sales of comparable properties in the area, economic trends, and market demand.

While both appraisals and home inspections involve assessing residential properties, they serve different purposes. An appraisal focuses on determining the property’s value, whereas a home inspection is a detailed examination of its condition, identifying any potential issues or defects.

An RAA designation is for State Certified Residential or General Appraisers. Earning it shows that you have completed appraisal education above and beyond that required for qualification as a residential appraiser.