Types of Appraisals

Know the facts before you order an appraisal

There are four main types of appraisals, each with their own characteristics that increase the reliability and accuracy of the final valuation.

Automated Valuation
This is the quickest and cheapest method of estimating a property value. Automated Valuation or AVM (for Automated Valuation Method) uses county data sources and advanced statistical modeling to calculate a value for your property. If you live in a neighborhood where all the homes are similar and yours is similar, this method will provide an adequate to good range of value. That value will be primarily based on sales that have occurred in your neighborhood in the last six months. If your property is not similar to other homes in the neighborhood or the neighborhood homes are all different, using the Automated Valuation Method will probably not produce an acceptable valuation.

Desktop Appraisal
This method of property valuation combines the local knowledge of a professional appraiser, current sales and county data sources to estimate the property value. It is known as a “desktop” appraisal because the appraiser does not actually inspect your property. The assumption is made that your property is similar to other properties neighborhood and the value estimate will be based on valuations and sales of other properties in your neighborhood. Because the appraiser has local knowledge of property values in your neighborhood, this type of property valuation is much more reliable than an AVM property valuation.

Drive-By Appraisal
This type of property valuation takes the Desktop Appraisal to the next level with an actual inspection of your property from the street and personal verification of neighborhood characteristics that affect property values. If the interior of your home is similar to other homes that have recently sold in your neighborhood, this type of valuation will produce a reliable value estimate.

Complete Property Valuation
This type of property valuation is the best as it combines local knowledge and expertise of a professional appraiser; all the data sources mentioned above with complete interior and exterior inspection of your property. This type of appraisal ensures that all the characteristics of your property that affect its value will be accounted for properly. This is the most expensive type of appraisal, but is recommended when a very accurate value of the property is required.