Bay Appraisal Service, Inc.

"Where Integrity & Honesty Matter"

What Is A Real Estate Appraisal?

A real estate appraisal is the determination of the fair market value of a property by a Certified General Real Estate Appraiser. The three main parts of an appraisal include:
  • The Inspection – a licensed appraiser inspects the property to determine fair market value.
  • Comparative Review – the appraiser researches similar homes in your area and compares recent sales to determine market value.
  • Final Appraisal Report – using the data gathered from the inspection and comparative review, your appraiser issues a final appraisal report.

Is A Real Estate Inspection The Same As A Home Inspection?

No. A home inspection is much more in-depth and designed to find things wrong with a home, such as problems with the foundation, mold, roof improperly installed, etc. An appraisal will take obvious defects into account, but is specifically aimed at determining the fair market value of the property.

9 Things You Should Know About A Real Estate Appraisal

  • The appraiser will confirm that the property exists and is in livable condition.
  • The appraiser will confirm the reported square footage.
  • The appraiser will check all rooms for obvious damage that could affect value.
  • The appraiser will verify reported upgrades to the property.
  • The appraiser will note all permanent features to a home that could affect value. Removable items are not included in the appraisal value.
  • The appraiser will check the basement for updates and finishing, but never include it in square footage. Updated or finished basements can increase property value.
  • The appraiser will verify the existance of a working furnace and air conditioner and that they appear to work.
  • The appraiser will verify the number of bedrooms. To be counted as a bedroom, the room must have closets and windows.
  • Finally, remember that what you spend on updates may or may not raise the value of your home a by the same amount.

Our Appraisal Services

Our Coverage Area

How To Reach Us

Bay Appraisal Service, Inc
Traverse City, MI 49686

Phone: 231-938-2492
Alternate: 231-922-9411
Email: Contact Us

Coverage Area: Traverse City, Grand Traverse, Leelanau, Benzie, Kalkaska, and Antrim Counties.
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