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I am in need of an Appraisal for my condo.?
Asked By Ethel O. | Chicago, IL | 598 views | Tips Advice | 3 years ago
Answer(3)
Hi Ethel!
There are several reasons you might need a condo appraisal, and I can definitely help guide you through the process.
Common reasons for condo appraisals:
Refinancing your mortgage
Selling your property (market value assessment)
Property tax appeals
Estate planning or divorce proceedings
Removing PMI (private mortgage insurance)
Insurance purposes
Types of appraisals:
Full appraisal ($400-$600) - Most comprehensive, required for refinancing/selling
Desktop appraisal ($100-$200) - Based on public records and comparable sales
Drive-by appraisal ($200-$300) - Exterior inspection only
What to expect:
Licensed appraiser will evaluate your unit's condition, size, location, and recent comparable sales
Process typically takes 1-2 weeks from scheduling to receiving the report
You'll get a detailed report with photos and market analysis
How I can help:
Recommend trusted, licensed appraisers in the Chicago area
Provide recent comparable sales data to help you understand your condo's potential value
Help you prepare your unit for the appraisal (minor improvements that can impact value)
Review the appraisal report with you once completed
Before the appraiser arrives:
Clean and declutter your space
Make a list of any recent improvements or upgrades
Gather documentation of HOA fees and building amenities
Ensure easy access to all areas of your unit
Since you're in Chicago, I work with several reputable appraisers who specialize in condo properties and understand the local market dynamics. The cost and timeline can vary depending on your specific needs and location within the city.
What's prompting the need for the appraisal? This will help me point you toward the right type of appraiser and process for your situation.
Feel free to reach out - I'm happy to connect you with trusted professionals and help ensure you get an accurate assessment of your condo's value!
There are several reasons you might need a condo appraisal, and I can definitely help guide you through the process.
Common reasons for condo appraisals:
Refinancing your mortgage
Selling your property (market value assessment)
Property tax appeals
Estate planning or divorce proceedings
Removing PMI (private mortgage insurance)
Insurance purposes
Types of appraisals:
Full appraisal ($400-$600) - Most comprehensive, required for refinancing/selling
Desktop appraisal ($100-$200) - Based on public records and comparable sales
Drive-by appraisal ($200-$300) - Exterior inspection only
What to expect:
Licensed appraiser will evaluate your unit's condition, size, location, and recent comparable sales
Process typically takes 1-2 weeks from scheduling to receiving the report
You'll get a detailed report with photos and market analysis
How I can help:
Recommend trusted, licensed appraisers in the Chicago area
Provide recent comparable sales data to help you understand your condo's potential value
Help you prepare your unit for the appraisal (minor improvements that can impact value)
Review the appraisal report with you once completed
Before the appraiser arrives:
Clean and declutter your space
Make a list of any recent improvements or upgrades
Gather documentation of HOA fees and building amenities
Ensure easy access to all areas of your unit
Since you're in Chicago, I work with several reputable appraisers who specialize in condo properties and understand the local market dynamics. The cost and timeline can vary depending on your specific needs and location within the city.
What's prompting the need for the appraisal? This will help me point you toward the right type of appraiser and process for your situation.
Feel free to reach out - I'm happy to connect you with trusted professionals and help ensure you get an accurate assessment of your condo's value!
- 1 month ago
Helpful (0)
Unhelpful (0)
Edwin Ordubegian
Coldwell Banker Hallmark Realty
When you are buying and obtaining a loan but not when you are selling in most cases.
- 2 years ago
- Helpful (0)
- Unhelpful (0)
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Lynn Mattila
Keller Williams First
What is the appraisal intended for? Are you looking to sell or refinance? Depending on what the purpose is either the lender will hire one or you can hire an appraiser yourself. If you would like to expand a bit I can point you in the right direction.
- 3 years ago
- Helpful (0)
- Unhelpful (0)
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