What's the difference between a valuation and an appraisal?

A valuation, like the one on Hoomy, gives an initial range based on data. A property appraiser is a licensed professional who visits the property and gives a reasoned professional opinion on its value.

Will my appraisal be enough for the bank's mortgage?

Usually not. The bank typically orders an appraisal under its own rules before approving the mortgage. A private appraisal helps you set a price or decide on an offer, even before the bank stage.

What's the difference between an appraisal and a home inspection?

An appraiser determines what the property is worth. A home inspection checks its physical condition: damp, electrics, plumbing and cracks. You can request both through Hoomy.

What do I get in the end?

Usually a written opinion with the estimated value and the reasoning: comparable sales, condition and the factors involved. The exact format is agreed with the appraiser.

How much does the service cost?

The price is set in the appraiser's quote, based on property type and scope, and agreed directly with them before the visit. Sending the request doesn't commit you to order.

What happens to my details?

They're shared only for the service you chose, and only after you agreed in the form.

Property appraiser before selling or buying: what's checked and when

Where an appraisal fits into the deal

Sellers book an appraiser before setting a price. Buyers book one before offering on a home that seems expensive.

1Initial valuationA free valuation gives a first range for the home.
2Property appraisalThe appraiser examines the home and compares it with deals that actually closed.
3Price or offerThe seller sets a price, or the buyer makes an offer, on a reasoned basis.
4NegotiationThe opinion is an objective argument, not just a feeling.
5Contract and mortgageThe bank usually orders its own appraisal before approving the mortgage.

1
Initial valuation
A free valuation gives a first range for the home.
2
Property appraisal
The appraiser examines the home and compares it with deals that actually closed.
3
Price or offer
The seller sets a price, or the buyer makes an offer, on a reasoned basis.
4
Negotiation
The opinion is an objective argument, not just a feeling.
5
Contract and mortgage
The bank usually orders its own appraisal before approving the mortgage.

Same home, two prices

Same home, two prices
Finding	Impact	With an appraiser's opinion	Based on local listings
1The asking price	Impact:	With an appraiser's opinion:Based on deals that actually closed.	Based on local listings:Based on asking prices that don't always close.
4Addition without a permit	Impact:	With an appraiser's opinion:Found before setting the price, and priced correctly.	Based on local listings:Found by the bank's appraiser, in the middle of the deal.
3Unused building rights	Impact:	With an appraiser's opinion:Included in the value and the property description.	Based on local listings:Left out of the price.
6A shift in the local market	Impact:	With an appraiser's opinion:Pricing reflects the current trend.	Based on local listings:The listing sits for a long time waiting for a price drop.

What happens after you leave your details

Send a request
Two minutes: property details, why you need an appraisal and how to reach you.
A Hoomy representative calls you back
Within a business day, to understand the goal and the timeline.
Arrange a property appraiser
The appraiser visits the property and usually provides a written opinion on value.

A price you can explain, not just hope for

Comparable sales

Where an appraisal fits into the deal

Same home, two prices

What your appraisal should include

What happens after you leave your details

Questions about Property appraisal

More professionals throughout the deal

Property appraisers: join the Hoomy network