A buyer’s field guide · Hampton Roads
Know the home’s value before the decision gets bigger.
Buying a home means weighing an asking price, local sales, property details, deadlines, and financing. An independent purchase appraisal can give you a supported value opinion for your own decision.
If the buyer and seller are relatives, see how an appraisal separates market value from the family’s agreed sale price.
Joseph T Ellington Jr, a Virginia Licensed Residential Appraiser, prepares residential reports for buyers across Hampton Roads and the Peninsula.
Start with your situation
Where are you in the purchase?
The useful question changes as a purchase moves forward. Tell Joe what decision you face and when you need the answer.
Considering an offer
Want an independent look at market value before committing? Ask whether seller access and your timing make an appraisal feasible. A private sale or unusual property can make comparable sales especially worth discussing.
Already under contract
Share your contract deadlines and coordinate access. If you are financing the purchase, check what your lender will order; your privately commissioned report may answer your question without replacing the lender’s appraisal.
The lender’s value came in low
Get the report, check property facts and comparable sales, then speak with your lender and agent about the available process and contract terms. See the low appraisal steps below.
What the report answers
What will a buyer’s appraisal tell me?
Joe develops an opinion of the property’s value as of a specified date. The report describes the home and analyzes relevant sales, property characteristics, and local market conditions.
- How does the home compare with similar recently sold properties?
- Which features and differences matter to the value conclusion?
- What value does the available evidence support for the assignment?
The opinion may be above, below, or equal to the asking price. It is one input into your purchase decision; it does not promise what a seller will accept or how the market will change.
Three different jobs
Use the right information for the right question
toolkit
- Private appraisal
- A value opinion you commission for the agreed purpose. If you also have a mortgage, ask the lender whether it can use that report.
- Lender valuation
- The lender arranges a valuation for its loan decision and sends you a copy. Your own appraisal does not automatically replace it. See the CFPB’s explanation.
- Home inspection
- An inspector evaluates the home’s physical condition. An appraisal is not a substitute for an independent inspection. See the CFPB’s inspection guidance.
If the lender’s value is lower than the price
Pause and check the facts before deciding.
A lower appraisal can affect the loan and the purchase. The next steps depend on your contract, lender, and ability to negotiate.
- Ask the lender for a copy and review the property details and comparable sales.
- If you spot a factual error or relevant omitted sale, ask about the lender’s reconsideration of value process.
- Discuss price, financing, and contract options with your agent, lender, or attorney. An appraisal review may answer questions about the report, but lender acceptance is a separate matter.
Read the CFPB’s buyer guidance on a low appraisal.
Working with Joe
How a purchase appraisal comes together
Purpose and timing
Share the address, decision you face, intended user, access arrangements, and contract or financing deadlines. Joe discusses scope and a quote.
Property and market
Joe inspects as required by the assignment, reviews property details, and analyzes relevant comparable sales and local conditions.
Supported value
Receive a written explanation of the home, effective date, data, analysis, and opinion of value for the agreed purpose.
Before you book
Purchase appraisal FAQs
Can I order an appraisal before making an offer?
You can discuss one, but it depends on seller permission to access the property, the information available, and the timing. Tell Joe where you are in the process so he can discuss a workable assignment.
Will my lender accept the appraisal I order?
Ask your lender before ordering. Mortgage lenders usually have their own valuation process and may require an appraisal they arrange. A private report can still serve your own decision.
Does an appraisal uncover hidden defects?
It is not a comprehensive home inspection. Arrange an independent inspector to investigate the physical condition and discuss any repair concerns with the appropriate professional.
What if the appraisal is higher than the agreed price?
The report is an opinion of value, not a guarantee of a bargain or future appreciation. Your lender’s financing terms and the signed contract still govern the transaction.
What if I am buying from a family member or without an agent?
Explain the relationship, agreed price, and purpose of the report. Joe can discuss an independent valuation; your attorney or other advisor can address contract and ownership questions.
How much does a purchase appraisal cost?
Fees and timing depend on the property, scope, access, and deadline. Send Joe the address and your timing for a quote.
Keep moving with useful information
More appraisal help for your next step
If you are buying with a mortgage, read about mortgage appraisals. For the seller’s perspective, see pre-listing appraisals. To understand sales evidence, read how appraisers use comparable properties. You can also browse all appraisal services, meet Joe Ellington, or explore the home appraisal blog.
Local to the property
Purchase appraisals across Hampton Roads
Explore residential appraisal services in the city where you are buying:
Watch the video
Purchase appraisal video
Watch the video from our original purchase appraisal page.
Make the next decision with context
Tell Joe about the home you are considering.
Send the address, whether you have made an offer, who needs the report, whether you can arrange access, and any deadline. Joe will discuss the assignment and provide a quote.
