Is the appraisal the last mystery standing between you and closing? You are not alone. Whether you are buying in Westerville or preparing to sell in Franklin County, understanding how appraisals really work can calm nerves and help you plan. In this guide, you will learn who orders the appraisal, what affects timing, how appraisers choose comps, and what to do if the value comes in lower than expected. Let’s dive in.
What an appraisal is and why it matters
An appraisal is an independent, evidence-based opinion of market value prepared by a licensed appraiser. Lenders rely on it to confirm the property supports the loan amount. It is not a price guarantee, but it is a professional analysis of recent comparable sales and property specifics. For buyers and sellers in Westerville, it helps set realistic expectations and keeps financing on track.
Who orders the appraisal and when
In a purchase, the buyer’s lender orders the appraisal, often through an appraisal management company, or AMC. In a refinance, the borrower’s lender orders it. For non-lender needs like estate planning, divorce, or pre-listing, you can order a private fee appraisal directly, but lenders usually will not accept consumer-ordered reports for mortgage underwriting. Once ordered, the AMC assigns a licensed appraiser, schedules access, and manages initial quality checks before the lender reviews the final report.
Timeline in Central Ohio
Most standard single-family appraisals in suburban Central Ohio take roughly 7 to 14 calendar days from order to delivery. Faster turnarounds can happen in hot markets or when scheduling lines up quickly, while unique or rural properties can take longer. Timing depends on appraiser availability, inspection scheduling, research and comparable selection, report writing, and lender review. If repairs or a reinspection are required, add a few extra days.
How appraisers determine value in Westerville
Appraisers use several approaches, but one method dominates for typical homes in Westerville.
Sales Comparison Approach
For most single-family homes, the appraiser relies on recent, similar closed sales. They adjust for differences such as square footage, lot size, basement finish, age, updates, garage size, and functional layout. The goal is to estimate what the subject home would likely sell for in an open market based on evidence.
Comparable selection basics
- Recency: In stable markets, appraisers prefer sales within the last 3 to 12 months. In fast-moving conditions, they prioritize very recent sales.
- Proximity: The best comps are in the same neighborhood or subdivision. If there are no strong matches nearby, appraisers can use sales outside the immediate area, with an explanation of market boundaries.
- Similarity: Appraisers look for comparable style, bedroom and bath count, finished living area, age, and condition. They include at least three closed sales and must support adjustments with data.
Local value drivers to watch
In Westerville and nearby suburbs, appraisers commonly consider:
- School district boundaries within Westerville City Schools as a market factor.
- Proximity to parks and water features, including Alum Creek areas and local trails.
- Commute access to I-71, I-270, US-36, and SR-161 corridors.
- Era of construction and neighborhood character, from historic streets to newer subdivisions.
- Floodplain or environmental considerations near waterways that can affect insurability and marketability.
Data sources appraisers consult
Appraisers pull verified information from local MLS data, Franklin County public records for parcels and tax history, City of Westerville permit records, and regional market trend reports. They verify facts and rely on closed sales over active or pending listings to support value.
Appraisal vs. CMA vs. home inspection
These three tools do different jobs for you:
- Appraisal: A licensed appraiser produces a formal opinion of market value that follows professional standards and lender guidelines. Intended for lending decisions.
- CMA: A comparative market analysis prepared by your real estate agent for pricing strategy. It uses recent sales and local expertise but is not a lender-accepted valuation.
- Home inspection: A condition-focused review for buyers that identifies defects and safety issues. It is not a valuation tool.
Use a CMA to set list price and a negotiation plan. Use an appraisal to satisfy lender requirements. Use an inspection to understand property condition and repair needs.
What happens during the appraisal visit
The appraiser schedules interior access and examines the property’s layout, condition, systems, and amenities. They take measurements and photos, confirm features, and note visible issues that could affect marketability. They are not performing a home inspection, but condition and updates are part of the analysis.
Seller prep checklist
- Make every area accessible, including basements, attics, garages, and mechanical rooms.
- Provide a simple upgrades sheet with dates and costs for major items like roof, HVAC, windows, and permits for significant work.
- Tidy rooms and clear pathways to help the appraiser see the home’s functional layout and finish levels.
- Gather HOA documents if applicable and any surveys or easements that explain unique lot features.
Program differences you might notice
Different loan types include unique appraisal requirements.
- Conventional loans: Follow agency guidelines focused on market value support and comparable data.
- FHA loans: Include additional property condition checks and may require repairs for health and safety. Required fixes can delay closing until verified.
- VA loans: Include Minimum Property Requirements. Similar to FHA, noted issues can trigger repair requirements before funding.
Market value, assessed value, and list price
These three numbers often differ, and that is normal.
- Market value: The appraiser’s opinion of probable price in an open and competitive market.
- Assessed value: Set by the county for property tax calculations. It is not the same as market value and may be appealed through local processes.
- List price: Your marketing strategy based on a CMA, your goals, and current demand. It can be higher or lower than the appraised value.
If the appraisal comes in low
A low appraisal does not have to end your deal. You have options:
- Renegotiate: Buyer and seller can adjust price or terms.
- Bridge the gap: The buyer may add cash or restructure down payment if the lender allows.
- Reconsideration of value: Through the lender or AMC, you can request a review if strong comps were missed or factual errors exist. There is no guarantee of change.
- Second appraisal: Rare with the same loan. Some lenders may allow it in limited cases.
Talk with your lender and your agent as soon as results arrive. A calm, evidence-based plan usually keeps timelines intact.
Fees and who pays
Appraisal fees for typical suburban single-family homes are usually in the mid-hundreds of dollars. Complex or unique homes cost more. In purchases, the buyer typically pays the fee at application or closing as required by the lender, though practices vary by lender and contract.
How to avoid common delays
- Schedule access quickly and confirm lockbox or appointment details for the appraiser.
- Complete lender-identified repairs early, especially for FHA or VA, and have receipts and photos ready.
- Share a concise packet of relevant upgrades and permits to support condition and features.
- If your home is unique, provide context on the most similar recent sales your agent has identified.
Your next step with a local guide
The appraisal is one step in a larger plan to price, present, and negotiate well. A strong CMA, thoughtful staging, and professional photos can attract the right buyers and support a smoother valuation conversation. If you are preparing to buy or sell in Westerville, a calm, locally informed approach will help you move from contract to clear to close with confidence.
Ready to talk through timing, comps, and a tailored pricing strategy for your home? Connect with the neighborhood-focused team at Linda M Rano Jonard to Request a Free Home Valuation & Consultation.
FAQs
What is a home appraisal in a Westerville purchase?
- It is a licensed appraiser’s independent opinion of market value used by your lender to confirm the property supports the loan amount.
Who orders the appraisal for a Westerville home loan?
- The buyer’s lender orders it, often through an appraisal management company that assigns the appraiser and manages scheduling.
How long do appraisals take in Franklin County?
- Standard single-family appraisals typically take about 7 to 14 days from order to delivery, depending on access, complexity, and lender review.
What comps do appraisers use in Central Ohio?
- They prioritize recent, nearby closed sales that closely match the subject in size, age, condition, and features, usually at least three comparable sales.
How is an appraisal different from a CMA in Westerville?
- An appraisal is a formal, lender-focused valuation by a licensed appraiser, while a CMA is your agent’s pricing estimate for listing strategy.
What happens if the appraisal is lower than the contract price?
- You can renegotiate price, add cash to cover the gap, or request a reconsideration through the lender if you believe relevant comps or facts were missed.
Do FHA or VA appraisals require repairs?
- Yes, they include additional property condition checks and may require health and safety repairs that must be completed and verified before closing.
Who usually pays the appraisal fee in a purchase?
- The buyer typically pays the fee as part of lender costs, though amounts and timing vary by lender and contract.
