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What is an appraisal and why must I have one?

An appraisal is a written estimate of a property’s market value completed by an appraiser (the appraiser is a licensed and insured objective third party whose job is to give their professional opinion regarding the market value of the home). The value is based upon a market analysis of recent sales prices for similar properties in the area, and the property’s physical condition.

Obtaining an appraisal is a condition of the buyer’s loan. The value established by the appraiser assures the buyer is not over paying for the property and the lender is not loaning more than the home is worth.

Here’s What Our Clients Say
"My wife and are in the military and needed to short sale our home. We had gotten several months behind on our payments and because I have a security clearance we could not risk a foreclosure. First Residential counseled with us and informed us about the best ways to protect my clearance. We followed their advice, sold the property and had no employment related problems. They did what they said they would do and delivered the outcome that was promised. We highly recommend them."
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FAQs - Frequently Asked Questions
  • My wife and I are new to the area and we’ve been driving around on our own, do you have a list of San Diego neighborhoods and zip codes?
  • Do you have a list of new homes in San Diego?
  • Can you provide a list of homes for sale in San Diego?
  • Where might I find San Diego condos for sale?
  • I’ve obtained a list of San Diego homes for sale, but notice that some of the listing prices are “value ranged.” What does this mean?
  • What’s a short sale on a home?
  • What are the benefits of a Short Sale?
  • What Is The Short Sale Process?
  • What Is The Short Sale Process For Buyers?
  • Can A Foreclosure Affect My Security Clearance?
  • What Is A Strategic Default/Short Sale?
  • Do I qualify For A Short Sale?
  • Can I Get A VA Loan After A Short Sale or Foreclosure?
  • Can I Buy A Home With FHA Financing After A Foreclosure or Short Sale?
  • My husband is Active Duty Military and recently received a PCOS/San Diego. I’ve gone online and looked at homes near Camp Pendleton, but none of them contain all the features we’d like. When we find a home we like, it’s already sold. Is there a way we can be informed when new properties come on the market?
  • What is escrow?
  • What is title insurance?
  • Why should I get a home inspection?
  • What is an appraisal?
  • How does an appraisal differ from an inspection?
  • How long does it take to find a home and close escrow?
  • How much will it cost to buy a home?
  • Will I qualify to buy a home?
  • When should I give my landlord the 30 day Notice?