Question 1

What is an appraisal?

Accepted Answer

The appraisal process is an estimation that produces an opinion of value. There are three “common approaches to value” which assists the real estate appraiser arrive at this opinion or estimate. The Cost Approach is one of the processes that appraisers use to find value; it involves figuring what the improvements would cost without physical deterioration, plus the land value. The Sales Comparison Approach involves finding similar houses in the vicinity and finding value based on comparing those homes to the home being investigated. Usually, the Sales Comparison Approach is the most definite indicator of value of a home. One of the least common approaches in appraising homes is the Income Approach, which is mainly used to figure the value of a property based on what an investor would pay based on the income produced by the building.

Question 2

Why would a person need a home appraisal?

Accepted Answer

There are a lot of reasons to obtain an appraisal from The Efird Corporation of NC with the usual reason being real estate and mortgage transactions. Other reasons for purchasing an report include:
To get a loan.
To lower your tax burden.
To show the replacement cost of Primary Mortgage Insurance.
To fight inflated property taxes.
To settle an estate.
To offer you a leg-up when purchasing real estate.
To determine a reasonable property value when selling real estate.
To defend your rights in a condemnation case.
Because an official agency such as the IRS requires it.
It’s possible you could be involved in a lawsuit – an appraisal will definitely help.

Question 3

What is the difference between an Appraisal and a Comparative Market Analysis (CMA)?

Accepted Answer

To be honest, they share nothing in common. What the CMA relies upon are superficial trends. An appraisal relies on comparable sales that can be validated by public record. Also, the appraisal verifies other factors like condition, location and construction costs. A CMA delivers a “ball park figure.” Being a documented and containing a carefully investigated opinion of value, appraisals are defensible and stand up in legal situations.

The main difference lies in who produces the report. A CMA is typically created by someone with general knowledge of the market, but it may not involve in-depth analysis or a strong grasp of valuation principles. In contrast, an appraisal is carried out by a licensed, certified professional who has specialized training and years of experience in accurately assessing property value

Question 4

What does the appraisal report contain?

Accepted Answer

Each report must reflect a credible estimate of value and must identify the following:
The client and other intended users
The intended use of the report.
The purpose of the assignment.
The type of value reported and the definition of the value reported.
The effective date of the appraiser’s opinions and conclusions.
Relevant property characteristics, including location attributes, physical attributes, legal attributes, economic attributes, the real property interest valued, and Non real estate items included in the appraisal, such as personal property, including trade fixtures and intangible items.

All known: easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature.
Division of interest, such as fractional interest, physical segment and partial holding.
The scope of work used to complete the assignment.

Question 5

After completing the report, what assurance is there that the value indicated is valid?

Accepted Answer

In communicating an appraisal report, each appraiser must ensure the following:
That the information analysis utilized in the appraisal was appropriate.
That significant errors of omission or commission were not committed individually or collectively.
That appraisal services were not rendered in a careless or negligent manner.
That a credible, supportable appraisal report was communicated.

Most states require that real estate appraisers are state licensed or certified. The state licensed or certified appraiser is trained to render an unbiased opinion based upon extensive education and experience requirements. To become licensed or certified, appraisers must fulfill rigorous education and experience requirements. In addition, appraisers must abide by a strict industry code of ethics and comply with national standards of practice for real estate appraisal. The rules for developing an appraisal and reporting its results are insured by enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP).

Question 6

How are appraisers certified?

Accepted Answer

Regulations regarding licensing and certification of Real Estate Appraisers vary from state to state. However, licensing and certification is most often associated with many hours of coursework, tests and practical experience. Once an appraiser is licensed, he or she is required to take continuing education courses in order to keep the license current.

Question 7

Who do appraisers work for?

Accepted Answer

Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.

Question 8

Where does an appraiser get the information used to estimate value?

Accepted Answer

Gathering data is one of the primary roles of an appraiser. Data can be divided into Specific and General. Specific data is gathered from the home itself. Location, condition, amenities, size and other specific data are gathered by the appraiser during an inspection.
General data is gathered from a number of sources. Local Multiple Listing Services (MLS) provide data on recently sold homes that might be used as comparable properties. Tax records and other public documents verify actual sales prices in a market. Flood zone data is gathered from FEMA data outlets, such as Metro Appraisals’ Inter Flood product. And most importantly, the appraiser gathers general data from his or her past experience in creating appraisals for other properties in the same market.

Question 9

Why do I need a professional appraisal?

Accepted Answer

Anytime the value of your home or other real property is being used to make a significant financial decision, an appraisal helps. If you’re selling your home, an appraisal helps you set the most appropriate value. If you’re buying, it makes sure you don’t overpay. If you’re engaged in an estate settlement or divorce, it ensures that property is divided fairly. A home is often the single, largest financial asset anybody owns. Knowing its true value means you can the right financial decisions.

Question 10

What is "Market Value?"

Accepted Answer

Market value or fair market value is the most probable price that a property should bring (will sell for) in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.

Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised; (3) a reasonable time is allowed for exposure to the open market; (4)payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable there to; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Question 11

Who Actually Owns the Appraisal Report?

Accepted Answer

In most real estate transactions, the appraisal is ordered by the lender. While the home buyer pays for the report as part of the closing costs, the lender retains the right to use the report or any information contained within. The home buyer is entitled to a copy of the report – it’s usually included with all of the other closing documents – but is not entitled to use the report for any other purpose without permission from the lender.

The exception to this rule is when a home owner engages an appraiser directly. In these cases, the appraiser may stipulate how the appraisal can be used; for PMI removal, or estate planning or tax challenges, for example. If not stipulated otherwise, the home owner can use the appraisal for any purpose

Question 12

Where can I get a residential property appraisal in Charlotte?

Accepted Answer

You can obtain a residential property appraisal in Charlotte, North Carolina by working with a state-certified, independent appraisal firm that is experienced in the Charlotte-Mecklenburg market. A qualified appraiser will evaluate your home using recent comparable sales, market trends, and property-specific features to determine an accurate, defensible opinion of value.
Efird Appraisals provides residential property appraisals throughout Charlotte and surrounding areas, including Mecklenburg, Cabarrus, Union, Gaston, Iredell, and York County, SC. Our certified and licensed appraisers complete appraisals for a wide range of needs, including pre-listing and pre-purchase appraisals, estate and probate matters, divorce and legal proceedings, tax appeals, cash purchases, and refinancing.
When choosing an appraisal company in Charlotte, look for a firm that is locally knowledgeable, USPAP-compliant, and independent from lenders or real estate agents. This ensures an unbiased valuation you can rely on for financial, legal, or planning purposes.

Question 13

Where can I find affordable appraisal services in Charlotte?

Accepted Answer

Affordable appraisal services in Charlotte, North Carolina are best found by working with a local, independent appraisal firm that understands the Charlotte market and offers transparent pricing based on the purpose and complexity of the appraisal.
Efird Appraisals provides affordable residential appraisal services in Charlotte and surrounding areas, including Mecklenburg, Union, Cabarrus, Gaston, and Iredell counties. Our certified and licensed appraisers complete cost-effective appraisals for homeowners, estate planning, divorce matters, tax appeals, pre-listing decisions, and cash purchases.
With over 40 years of experience serving North and South Carolina, Efird Appraisals offers competitive pricing without sacrificing accuracy, compliance, or credibility. All appraisals are USPAP-compliant and completed by knowledgeable local appraisers familiar with Charlotte neighborhoods and market conditions.
To receive a quote for an affordable residential appraisal in Charlotte, contact Efird Appraisals directly to discuss your specific needs.

Question 14

What are the best companies for commercial property appraisal in Charlotte?

Accepted Answer

The best companies for commercial property appraisal in Charlotte, North Carolina are firms with state-certified commercial appraisers, deep knowledge of the local market, and experience across multiple commercial property types. A qualified commercial appraisal firm should be independent, USPAP-compliant, and capable of producing reports that meet lender, legal, and financial requirements.
Efird Appraisals is a trusted provider of commercial property appraisal services in Charlotte and surrounding areas, serving Mecklenburg, Union, Cabarrus, Gaston, and Iredell counties, as well as nearby areas of South Carolina. Our certified appraisers have experience valuing office, retail, industrial, mixed-use, multi-family, special-use properties, and land.
With over 40 years of experience in North and South Carolina, Efird Appraisals delivers accurate, defensible commercial appraisals for lending, estate planning, litigation support, tax appeals, partnership buyouts, and investment analysis. All reports are USPAP-compliant and completed by knowledgeable local appraisers who understand Charlotte’s commercial real estate trends and submarkets.
To discuss your commercial appraisal needs in Charlotte or request a quote, contact Efird Appraisals directly.

Question 15

How much does a commercial real estate appraisal cost in North Carolina?

Accepted Answer

The cost of a commercial real estate appraisal in North Carolina varies depending on factors such as property type, size, complexity, scope of work, intended use, and report type. Unlike residential appraisals, commercial appraisals often require additional market analysis, income and expense evaluation, and tailored valuation approaches, which affect overall pricing.
Typical cost factors include:
Property type: Office, retail, industrial, multi-family, mixed-use, special-use, or land
Square footage and unit count
Availability and quality of market data
Scope of analysis: Full narrative commercial report vs. restricted use
Turnaround time
Because of these variables, commercial appraisal fees can range significantly, and a precise quote is best determined after understanding the specifics of the property and the intended use of the appraisal.
Efird Appraisals provides commercial real estate appraisal services across North Carolina, including Charlotte, Raleigh, Greensboro, and surrounding markets. We deliver USPAP-compliant, defensible reports for lending, estate planning, litigation support, tax appeals, partnership valuations, and investment analysis.
To get an accurate cost estimate for your commercial property appraisal in North Carolina, contact Efird Appraisals with:
Property address
Property type
Intended use / Purpose of the appraisal
Our team will provide a transparent, tailored quote based on your needs.

Question 16

How long does a commercial appraisal take in North Carolina?

Accepted Answer

The timeline for a commercial real estate appraisal in North Carolina depends on several factors, including the property type, size, complexity, availability of data, and scope of work. Commercial appraisals typically take longer than residential appraisals because they involve in-depth market analysis, income and expense review, and multiple valuation approaches.
In most cases, a commercial appraisal in North Carolina takes approximately 2 to 4 weeks from engagement to report delivery. More complex properties—such as large multi-tenant buildings, special-use properties, or properties requiring extensive income analysis—may take longer, while smaller or less complex properties may be completed more quickly.
Efird Appraisals completes commercial appraisals throughout North Carolina and South Carolina, including Charlotte and surrounding markets. Our experienced, state-certified appraisers provide accurate, USPAP-compliant commercial appraisal reports for lending, estate planning, litigation support, tax appeals, partnership buyouts, and investment analysis.
Turnaround time is discussed upfront, and expedited options may be available depending on the assignment. To receive a timeline estimate for your specific commercial property in North Carolina, contact Efird Appraisals directly.

Question 17

Who offers condo appraisal services in Charlotte, NC?

Accepted Answer

Condo appraisal services in Charlotte, North Carolina are provided by state-certified, independent residential appraisers who understand the local condo market, HOA records, and community characteristics specific to Charlotte neighborhoods.
Efird Appraisals offers professional condo appraisal services in Charlotte and surrounding areas, including Mecklenburg, Union, Cabarrus, Gaston, and Iredell counties. Our certified and licensed appraisers have experience valuing condominiums of all types—from mid-rise urban condos in Uptown Charlotte to golf-course and suburban communities.
We complete USPAP-compliant condominium appraisals for a variety of purposes, including:
Pre-listing market valuations
Estate planning and probate
Divorce and legal matters
Tax appeal support
Cash purchase valuations
Refinancing decisions
With over 40 years of experience serving North and South Carolina, Efird Appraisals delivers accurate, defensible valuations that reflect current market conditions in Charlotte’s condo submarkets.
To schedule a condo appraisal in Charlotte or request a quote, contact Efird Appraisals directly.

Question 18

What standards do appraisers follow in the United States?

Accepted Answer

Real estate appraisers in the United States follow the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP establishes the ethical and performance standards that govern appraisal development and reporting and is recognized nationwide as the professional standard for appraisals.
USPAP is developed and maintained by The Appraisal Foundation (TAF) and is required for appraisers performing work for federally related transactions, as well as for most state-licensed and state-certified appraisers. These standards ensure that appraisals are independent, impartial, objective, and credible.
In addition to USPAP, appraisers must comply with:
State appraisal board regulations (such as North Carolina and South Carolina appraisal laws)
Federal guidelines when applicable (Fannie Mae, Freddie Mac, FHA, VA)
Client-specific requirements for the intended use of the appraisal (lending, legal, estate, tax, or investment purposes)
At Efird Appraisals, all residential and commercial appraisals are completed in full compliance with USPAP and applicable state and federal requirements, ensuring accurate, defensible valuations you can rely on.

Question 19

Can I get an office space appraisal done quickly in Charlotte?

Accepted Answer

Yes — you can get an office space appraisal in Charlotte, North Carolina completed on an expedited timeline depending on your needs and the specifics of the property.
Turnaround times for commercial appraisals, including office space, vary based on factors like property size, complexity, availability of data, and the level of analysis required. Smaller or straightforward office properties can often be completed more quickly, while larger, multi-tenant, or complex properties may take longer.
At Efird Appraisals, we understand that timing matters. We offer flexible turnaround options and work with clients to meet time-sensitive deadlines while maintaining USPAP-compliant, accurate, and defensible appraisal reports. Our experienced appraisers serving Charlotte and surrounding markets can often accommodate expedited schedules based on the assignment and client requirements.
To discuss a quick appraisal for your Charlotte office space, contact Efird Appraisals with property details and your desired timeline, and we will provide an estimated delivery schedule tailored to your needs.

Question 20

How do I book a land appraisal in North Carolina?

Accepted Answer

Booking a land appraisal in North Carolina is straightforward when you work with a local, state-certified appraisal firm that understands the region’s zoning, market trends, and land valuation methods.
To schedule a land appraisal:
Contact the appraisal firm:
 Reach out to Efird Appraisals by phone, email, or through our website contact form.
Provide key property details:

Property address and county
Parcel or tax ID number (if available)
Approximate acreage
Intended use of the appraisal (e.g., sale, financing, estate planning, tax appeal, development)

Discuss the assignment scope:
 Our team will confirm the type of land appraisal needed (e.g., raw land, subdivision, development parcel, agriculture) and any special considerations such as access, utilities, or topography.
Receive a transparent quote:
 We will provide a clear fee estimate and expected turnaround time based on the property specifics and report type required.
Schedule the appraisal inspection:
 Once you approve the quote, we will arrange a convenient time for the appraiser to inspect the land.
Efird Appraisals serves clients throughout North Carolina and South Carolina, including Mecklenburg, Union, Cabarrus, Gaston, and Iredell counties, with USPAP-compliant land appraisals performed by experienced, certified professionals.
For help booking a land appraisal or to get a quote, contact Efird Appraisals today.

Question 21

What is the purpose of an appraisal?

Accepted Answer

The purpose of an appraisal is to provide an independent, unbiased, and well-supported opinion of value for a property as of a specific date. Appraisals are used to help individuals, businesses, lenders, attorneys, and courts make informed financial and legal decisions based on accurate market data.
Appraisals are commonly needed for:
Buying or selling property
Financing or refinancing
Estate planning and probate
Divorce and legal proceedings
Property tax appeals
Investment and partnership decisions
Litigation support
A professional appraisal considers factors such as location, property characteristics, market conditions, comparable sales, and income potential (for commercial properties). Appraisals are completed by state-licensed or state-certified appraisers who follow the Uniform Standards of Professional Appraisal Practice (USPAP) to ensure credibility and compliance.
At Efird Appraisals, we provide accurate, USPAP-compliant residential and commercial appraisals across North and South Carolina, delivering reliable valuations you can trust for your specific purpose.

Question 22

What is the cheapest way to get your house appraised?

Accepted Answer

The most affordable way to get a house appraised is to choose the right type of appraisal for your specific purpose. Appraisal costs vary based on the level of analysis required, so paying for more than you need can increase the price unnecessarily.
If an appraisal is needed for personal knowledge, pre-listing decisions, estate planning, divorce, or a cash purchase, working directly with a local, independent appraisal firm is often more cost-effective than ordering an appraisal through a lender. Lender-ordered appraisals typically include additional administrative fees and stricter requirements that can increase costs.
In some situations, a limited-scope or desktop appraisal may be a lower-cost option, depending on the property and intended use. However, not all appraisal purposes allow for these formats, and a full interior inspection may still be required to produce a credible opinion of value.
Efird Appraisals helps homeowners determine the most appropriate and cost-effective appraisal option based on their needs. We provide transparent pricing and USPAP-compliant residential appraisals throughout North Carolina and South Carolina without unnecessary add-ons.
To find the most affordable appraisal option for your home, contact Efird Appraisals to discuss your goals and receive a tailored quote.

Question 23

What are the three main types of appraisals?

Accepted Answer

The three primary types of real estate appraisals are based on the valuation approaches used to determine a property’s value. Appraisers select one or more of these approaches depending on the property type, available data, and intended use of the appraisal.
Sales Comparison Approach
 This approach compares the subject property to recently sold similar properties in the market. Adjustments are made for differences such as size, condition, location, and features. It is most commonly used for residential properties and is widely relied upon by lenders and homeowners.
Cost Approach
 The cost approach estimates what it would cost to replace or reproduce the property, minus depreciation, plus the value of the land. This method is often used for new construction, unique properties, or special-use buildings where comparable sales are limited.
Income Approach
 The income approach evaluates a property based on its income-producing potential, considering rental income, expenses, and market capitalization rates. This approach is commonly used for commercial properties, multi-family properties, and investment real estate.
Professional appraisers follow the Uniform Standards of Professional Appraisal Practice (USPAP) and determine which approach—or combination of approaches—is appropriate for each assignment.
At Efird Appraisals, we apply the appropriate valuation methods to deliver accurate, credible, and USPAP-compliant appraisals for residential and commercial properties across North and South Carolina.
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Question 24

What are the 7 steps of the appraisal process?

Accepted Answer

The appraisal process follows a structured methodology to develop a credible, unbiased opinion of value. While the specifics may vary by assignment, most real estate appraisals generally follow these seven key steps:
Define the appraisal problem
 The appraiser identifies the intended use, intended user, property rights appraised, effective date of value, and scope of work.
Determine the scope of work
 The appraiser establishes the level of inspection, research, and analysis required to produce a credible appraisal for the assignment.
Collect and analyze relevant data
 This includes gathering market data, zoning information, comparable sales, rental data, cost data, and other factors that influence value.
Inspect the property
 The appraiser conducts an interior and/or exterior inspection to evaluate the property’s condition, features, layout, and site characteristics.
Analyze the market and highest and best use
 The appraiser evaluates market conditions and determines the property’s highest and best use as vacant and as improved, when applicable.
Apply appropriate valuation approaches
 The appraiser applies one or more valuation methods—sales comparison, cost, and/or income approach—based on the property type and intended use.
Reconcile the value conclusion and prepare the report
 The appraiser reconciles the results of the valuation approaches and prepares a USPAP-compliant appraisal report with a final opinion of value.
At Efird Appraisals, we follow these steps for every residential and commercial appraisal to ensure accuracy, transparency, and compliance across North and South Carolina.

Question 25

What happens during a house appraisal?

Accepted Answer

During a house appraisal, a state-licensed or state-certified appraiser evaluates a home to determine its fair market value based on the property’s features, condition, and current market activity.
The appraisal process typically includes the following steps:
Property inspection
 The appraiser visits the home to inspect the interior and exterior, noting the size, layout, condition, quality of construction, upgrades, and overall functionality. The lot size, location, and neighborhood characteristics are also reviewed.
Market research
 The appraiser analyzes recent comparable sales of similar homes in the area, along with current listings and market trends that may affect value.
Data analysis and adjustments
 Differences between the subject property and comparable homes—such as square footage, condition, features, or location—are adjusted to reflect true market value.
Valuation and reconciliation
 The appraiser applies appropriate valuation methods, most commonly the sales comparison approach for residential properties, and reconciles the data into a final opinion of value.
Appraisal report preparation
 A USPAP-compliant appraisal report is prepared documenting the inspection, analysis, and final value conclusion.
At Efird Appraisals, we provide thorough, independent residential appraisals across North and South Carolina, ensuring homeowners receive accurate, credible valuations they can trust for selling, refinancing, estate planning, divorce, tax appeals, and cash purchases.

Question 26

What is a home appraisal used for?

Accepted Answer

A home appraisal is used to provide an independent, unbiased opinion of a property’s value. It helps homeowners, buyers, lenders, attorneys, and courts make informed decisions based on accurate market data and professional analysis.
A home appraisal is commonly used for:
Buying or selling a home to confirm fair market value
Refinancing or obtaining a mortgage
Estate planning and probate matters
Divorce and legal proceedings
Property tax appeals
Cash purchases and private sales
Pre-listing pricing decisions
Financial and investment planning
A professional appraisal considers factors such as the home’s location, size, condition, upgrades, and recent comparable sales, along with current market conditions. Appraisals are completed by state-licensed or state-certified appraisers who follow the Uniform Standards of Professional Appraisal Practice (USPAP) to ensure credibility and accuracy.
At Efird Appraisals, we provide reliable, USPAP-compliant home appraisals across North and South Carolina, helping clients confidently move forward with important financial and legal decisions.

Question 27

What do appraisers check during a house appraisal?

Accepted Answer

During a house appraisal, a state-licensed or state-certified appraiser evaluates several key aspects of the property to determine its fair market value. The goal is to assess the home’s condition, features, and how it compares to similar homes in the market.
Appraisers typically check:
Overall property condition
 The general upkeep of the home, including visible maintenance issues or deferred repairs.
Square footage and layout
 The home’s gross living area, room count, floor plan, and overall functionality.
Interior features
 Flooring, walls, ceilings, windows, doors, kitchen and bathroom finishes, appliances, and any updates or renovations.
Structural elements
 Foundation, roof, framing, and signs of structural concerns or water damage.
Systems and utilities
 Heating and cooling systems, electrical, plumbing, and water supply (as observed).
Exterior features
 Lot size, landscaping, driveway, garage, porches, decks, pools, and outbuildings.
Location and neighborhood factors
 The surrounding area, zoning, access, and market appeal of the neighborhood.
Comparable sales
 Recently sold homes in the area are analyzed and adjusted to reflect differences from the subject property.
Appraisers do not perform a home inspection or test systems in depth; they observe and document visible conditions relevant to value.
At Efird Appraisals, we conduct thorough, USPAP-compliant residential appraisals throughout North and South Carolina, providing accurate and defensible valuations for selling, refinancing, estate planning, divorce, tax appeals, and cash purchases.

Question 28

What home features add the most value?

Accepted Answer

Certain home features tend to add more value than others because they improve functionality, appeal, and market demand. While the impact varies by location and market conditions, the following features commonly contribute the most to a home’s value:
Updated kitchens and bathrooms
 Modern finishes, updated cabinetry, countertops, and fixtures are among the strongest value drivers.
Additional living space
 Finished basements, bonus rooms, and functional additions increase usable square footage and appeal.
Energy-efficient upgrades
 New windows, insulation, high-efficiency HVAC systems, and energy-efficient appliances can enhance value and buyer demand.
Curb appeal and exterior improvements
 Well-maintained landscaping, updated siding, roofing, and attractive entryways positively affect first impressions.
Functional floor plans
 Open or well-designed layouts that maximize space and flow are highly desirable in most markets.
Storage and parking
 Garages, walk-in closets, and additional storage space add practical value.
Modern systems and maintenance updates
 Updated electrical, plumbing, HVAC, and roofing systems reduce perceived risk for buyers.
Location-related features
 Lot size, neighborhood desirability, school districts, and proximity to amenities play a significant role in value.
Not all improvements add equal value, and some renovations may not fully recoup their cost. A professional appraisal evaluates how specific features impact value within the local market.
At Efird Appraisals, we analyze which features add the most value based on current market data across North and South Carolina, helping homeowners make informed improvement and pricing decisions.

Question 29

What is the 3 day appraisal rule?

Accepted Answer

The 3-day appraisal rule refers to a federal requirement under the TILA-RESPA Integrated Disclosure (TRID) Rule, which requires lenders to provide borrowers with a copy of their appraisal at least three business days before closing on a mortgage transaction.
This rule applies to most purchase and refinance loans for residential properties and is designed to give borrowers enough time to review the appraisal, ask questions, and address any concerns before finalizing the loan.
Key points of the 3-day appraisal rule:
The borrower must receive the appraisal no later than three business days prior to closing
The borrower may waive the waiting period in writing if they choose to close sooner
The rule applies regardless of whether the appraisal supports the contract price
The lender is responsible for ensuring delivery and compliance
The rule does not guarantee a specific value and does not allow borrowers to change the appraisal—it simply ensures transparency and time for review.
At Efird Appraisals, we complete appraisals in compliance with all applicable federal and professional standards, including USPAP, and work closely with lenders and clients to support timely closings across North and South Carolina.

Frequently Asked Questions