An appraisal is a valuable tool anytime the value of your home is relevant to some financial decision. If you're selling your home, an appraisal will help you determine a price that maximizes profit and reduces time on the market. If you're buying, it makes sure you don't overpay. If you're engaged in an estate settlement or divorce, it ensures that property is divided fairly. A home is often the single, largest financial asset anybody owns. Don't make decisions in the dark with a professional appraisal.

Appraisals pay for themselves by saving you money in the long run. Appraisals ensure a fair, unbiased, and credible opinion of the value of your real estate assets. Appraisers are held to numerous ethical requirements intended to ensure public trust in our objectivity. Under Illinois law (225 ILCS 458/5-5), only licensed and certified appraisers can provide appraisal services. No instant on-line estimate meets the legal and ethical requirements of an appraisal. These are used primarily as click-bait for marketing purposes, and cannot identify, verify, make, or support judgments about a home’s marketable features or local market conditions. Likewise, no one acting as a real estate sales person or broker can meet the unbiased objectivity and ethics requirements of an appraiser. Patton Property Appraisals works hard to maintain our objectivity, impartiality, and discretion. We never take assignments where a predetermined bias or outcome is required. We never share our value conclusions or any of your information without your permission. Our chief appraiser has over 15 years of experience in local markets and has extensive qualifications that add further weight and credibility to our value conclusions.

Property value is determined in a number of ways. The most common determining factors are: Condition of the home, improvements, location and neighborhood, and housing market trends. Appraiser usually use the three most recently closed comparable sales from within a one mile radius.

No, they are not the same thing. The appraiser’s inspection is just to see the home’s overall condition and upgrades based on what he/she can see with the naked eye. A licensed home inspector has the tools and expertise to look much deeper into the foundation, roof, electrical, plumbing, appliance, etc.

Value appreciation is an individual thing. The information regarding nearby home values is a determining factor, however, there are many other factors to consider to determine whether or not a home has depreciated or appreciated in value. If homes in your area seem to be rising in value than the value of your home is also most likely to be rising in value.

We begin with an inspection of the property. What this entails is the appraiser, after setting up an appointment, personally going through the home - recording the layout of the rooms, taking photos and documenting the general condition of its amenities. Is there anything you can do to help? Yes there is! First, be sure we have easy access to the exterior of the house (gates aren't locked, etc). Trim any landscaping and move any items that would get in our way while we measure the structure. On the inside, make sure we can get to items like furnaces and water heaters.

To help speed things along as well as ensure a more accurate report, attempt if possible to have the following items:

• A plot plan or survey of the house and land (if readily available).

• Information on any written private easements, such as a shared driveway with a neighbor.

• Any paperwork, such as a title policy with information on encroachments or easements encroachments or easements.

• A list of any major home improvements and upgrades, the amount of their purchase and date of their installation (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available).

• A list of "proposed" improvements if the property is to be appraised "as complete".

For mortgage transactions, the lender requests the appraisal, either directly or through a third party. Even though it's the buyer that eventually pays for the report, the lender is the intended user. The buyer is entitled to a copy of the report - it's usually included with all the other closing documents - but is not entitled to use the report for any other purpose without permission from the lender.

This rule doesn't apply when a home owner hires an appraiser directly. In these scenarios, the appraiser may define the purpose of the appraisal; for PMI removal, or estate planning or tax challenges, for example. If not stated otherwise, the home owner can do whatever they want with the appraisal.

You can reach us anytime via our contact page or email. We aim to respond quickly—usually within one business day.