​​FREQUENTLY ASKED QUESTIONS

1. What does our appraisal of my property cost?
   • A major consideration for an agreement to enter into a contract with a professional service is what will be the cost and even beyond that what will be the maximum financial exposure.  The following are the main determinants:
     • Property
     • Problem to be solved
     • Time needed
     • Type of report
   • These are the major items that will determine the fee.  Giving Galloway Appraisal this sort of data, a fee (will not exceed), time of delivery and type of report can be quoted.
2. Will the value recommended by Galloway Appraisal be shared with others?
   • Only the client, or those designated, will have access to the value found.
3. Can the report be used for other purposes than quoted in the report?
   • Generally, no - The report contains the purpose of the value found, with that being the foundation of the assignment.
   • Should the purpose of the report be changed, a new assignment can be ordered with some of the data being useful for the new report.
4. May I order the assignment and at a later date give it to the bank for a mortgage loan?
   • No - All assignments for mortgage loan must originate with the Lender.  Client-ordered assignments risk a loss of the fee when the bank will choose their own appraiser.
5. What should I do to be ready for the appraiser's inspection?
   • Subject property should be presentable as it would be for guests.
   • Have ready copies of
     • Deed
     • PVA tax data
     • Any recent cost to improve
     • Income/expenses for last three years
     • Current rent rolls
     • Any other useful data for the appraiser - i..e., previous appraisal reports, etc.

Since 1969