Who this is for
- Hard money and fix-and-flip loans, for the lender, the borrower, or both
- Private individual lenders putting their own money behind a property
- Seller-financed sales, where the seller is acting as the bank
- Family loans, when you want the property's value documented
- Portfolio lenders that accept appraisals ordered directly by the borrower
- Cash buyers who want an independent opinion of value before closing
Who it isn't for
Conventional, FHA, VA, and USDA loans have their own rules: the lender has to order the appraisal through its own channels to keep it independent. If your loan is one of those, your lender will order the appraisal, and an appraisal you order yourself can't be used in its place.
As-is value and after-repair value
As-is value is what the property is worth today, in its current condition.
After-repair value (ARV), or "subject to completion," is what the property should be worth once a specific scope of work is finished. It's based on your renovation plans, budget, and finish level. Rehab lenders usually want both values, and both can go in one report.
Name the lender up front
Every appraisal report names its intended users, the people entitled to rely on it. Appraisal standards don't let an appraiser simply re-address a finished report to a different lender later. If you switch lenders, that's usually a new assignment. So tell me at the start everyone who'll rely on the report: the lender, any co-lenders, and you.
What I'll need from you
- The property address and what the appraisal is for (purchase, refinance, or a seller-financed sale)
- The purchase contract, if there is one
- The lender's name and any specific requirements they have
- For an after-repair value: the scope of work, the budget, and the finish level
- Access for an interior inspection
What it costs and how long it takes
Most appraisals fall between $500 and $2,000, quoted as a flat fee before any work starts. A single as-is value on a standard home is at the low end; after-repair values and multiple values cost more.
Most reports are delivered within 5–7 business days of the inspection. Rush turnaround (48–72 hours) is available on select assignments for an additional fee.