Getting an Appraisal

As part of the mortgage loan process, Bankers Trust will order an appraisal of the property using one of our approved appraisers, all of whom are certified, state-licensed professionals. The cost (approximately $400) is included in your closing costs. We will provide you with a copy of the appraisal report.

By determining the home’s fair market value, an appraisal protects you by ensuring that your home loan amount is in line with the home’s worth.

Two Primary Appraisal Methods

  • Sales comparison approach
    The appraiser compares the property with three or four similar homes that have sold in the area, which are called comparables or comps. The comparison considers the homes’ lot size, square footage of finished and unfinished space, style and age, and other features such as garage, fireplace, outdoor pool, etc. This approach is more common in our area.
  • Cost approach
    Used primarily for newly constructed properties, this approach is based on reproduction costs. The appraiser estimates the cost to replace the structure on the property f it were to be destroyed. Land value and depreciation help to determine the property’s value.

The appraisal report will consider information from several sources (such as county courthouse records and recent reports from the local real estate multiple listing service), but the process usually begins with a physical inspection of the property inside and out.

Curb appeal and general tidiness of the home will not affect the home’s appraised value. While overall maintenance of the home and surrounding property is certainly a factor, details such as a messy kitchen or weeds in the yard are not. 

Please note: An appraisal is not the same as a home inspection (which is important to point out potential problems with the structure). While property appraisers typically note obvious issues, they won’t test systems such as your heat and air, the chimney, or plumbing.


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