I am in need of an Appraisal for my condo.?

The first thing to sort out is what kind of appraisal you actually need, because there are three different products and only one of them is probably right for you. A lender appraisal is ordered by a mortgage lender, usually through an appraisal management company, and it belongs to the lender. You get a copy, but you do not control the scope and you cannot use it for much else. If you are refinancing, or if a buyer is financing a purchase from you, this one happens automatically and you do not need to arrange it. A private or independent appraisal is one you order and pay for directly. You choose the appraiser, you own the report, and you can specify the purpose and the effective date. This is what you want for a divorce, an estate or date of death valuation, a property tax appeal, a buyout between co-owners, a trust, or simply to know what you have before you list. In the Chicago market, expect roughly 400 to 900 dollars for a condo, and more if the report needs to be retrospective or defensible in court. A comparative market analysis from an agent is free, is not an appraisal, and cannot be used anywhere a formal valuation is required. It is genuinely useful for pricing a sale, but do not let anyone hand you a CMA when what you asked for was an appraisal. DeMarcus is right that you want a licensed or certified appraiser. In Illinois that licensing runs through the Illinois Department of Financial and Professional Regulation, and you can verify any appraiser's license and disciplinary history yourself through the IDFPR Check License lookup before you hire them. Ask for a Certified Residential appraiser, and if the report is going to be used in a legal matter, ask directly whether they have testified before. Now the part that is specific to condos, and this is where condo owners get surprised. A condo is not appraised only on its own four walls. The association matters, and it matters twice. It matters for value. Two nearly identical units in two different buildings can appraise very differently based on monthly assessments, reserve levels and deferred maintenance. High assessments reduce what a buyer can pay while keeping their total monthly payment the same, which pushes value down. A healthy reserve fund does the opposite. It matters for financeability, which then loops back into value. Mortgage investors such as Fannie Mae and Freddie Mac evaluate the whole project, not just your unit. If a project fails their standards it is called non-warrantable, and buyers cannot use conventional financing on it. That shrinks your buyer pool down to cash and portfolio lenders, and it costs you real money at sale. The main things that put a project at risk are the owner occupancy versus investor mix, whether the association allocates enough of its annual budget to reserves, pending or active special assessments, critical deferred maintenance, litigation involving the association, and any single owner holding too many units. On reserves specifically, the threshold has been 10 percent of annual budgeted assessment income, and it is scheduled to rise to 15 percent for loan applications dated on or after January 4, 2027. FHA runs its own separate condo approval process with its own rules, so a building can be fine for one and not the other. So before you order anything, pull three documents from your association: the current budget with the reserve line, the last twelve months of board meeting minutes, and any special assessment notices. Hand them to the appraiser. It makes the report better, and honestly, reading them yourself may answer half of what you were trying to find out in the first place. One caution, since this question has been sitting a while. Condo project scrutiny has tightened significantly since 2022, particularly around reserves and structural maintenance, and reserve expectations are still climbing into 2027. If your last valuation is from 2022, it is out of date on the association side as well as on price. Practical order of operations: decide the purpose first and say it out loud to the appraiser, because purpose drives both scope and cost. Verify the license on IDFPR. Get the fee and the turnaround in writing. Hand over the association documents. And if your goal is simply to know what the unit would sell for, you may not need an appraisal at all, just a strong local agent with recent closed comps in your building or a directly comparable one nearby, since building specific comps carry far more weight for a condo than any neighborhood average. I am a real estate professional, not an appraiser, an attorney or a CPA, so treat this as orientation rather than a valuation or legal advice. For transparency: I am Zoltan Peresztegi and I work the South Bay and the Palos Verdes Peninsula in Los Angeles, so I am not your local agent in Chicago and I will not pretend to know your building. But condo association mechanics and the financing standards behind them are national, and everything above applies in Illinois exactly as written. If you would like an introduction to a strong Chicago agent, or help framing the questions to ask an appraiser before you hire one, just say so and I will help. Zoltan

Google "real estate appraiser," followed by your city and state and results will populate. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

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!

When you are buying and obtaining a loan but not when you are selling in most cases.

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.