Frequently Asked Questions
Straight answers about appraisals, the process, and when you actually need one.
What is a real estate appraisal?
An appraisal is an independent, professionally supported opinion of a property's value, developed by a licensed appraiser using recognized valuation methods and reported in accordance with USPAP, the Uniform Standards of Professional Appraisal Practice.
What's the difference between an appraisal and a home inspection?
A home inspector evaluates the physical condition of a property — its systems, structure, and components — and does not offer an opinion of value. An appraiser's job is specifically to develop and report an independent opinion of value; appraisers do not perform the detailed technical inspection a home inspector does.
What's the difference between an appraisal and a CMA from a real estate agent?
A comparative market analysis (CMA) is an agent's informed estimate based on comparable listings and sales. An appraisal is performed by a state-licensed appraiser under USPAP, a higher and independently verifiable standard, and is the type of valuation lenders, courts, and taxing authorities require.
Why would I need an appraisal outside of buying or selling a home?
Common reasons include a divorce settlement, settling an estate, appealing a property tax assessment, removing PMI from a mortgage, pre-listing pricing, litigation support, or a lender/investor requirement.
How long does an appraisal take?
Turnaround depends on the property type, the purpose of the appraisal, and current workload. A fee quote will include a realistic turnaround estimate for your specific situation.
Do you appraise condos and multi-family properties, or just single-family homes?
All of the above — single-family homes, condominiums, and two-to-four unit residential investment properties.
What counties do you serve?
Mercer, Gloucester, Camden, and Burlington counties primarily, based in Princeton, NJ.
Are you an appraiser, a REALTOR®, or both?
Both. Cardwell Thaxton is a New Jersey State-Licensed Residential Real Estate Appraiser and a REALTOR® with Keller Williams, which is why his appraisal work and his real estate representation are held to the same independent, well-researched standard.