The objective of a residential appraisal is to establish an opinion of the market value of a property.  By law, Illinois Certified Resident Appraisers must provide unbiased results.  Illinois Certified appraisers are subject to the federal law known as USPAP which requires that we produce unbiased reports.  We are, therefore, advocates for the value of the property being appraised and cannot produce a pre-appraisal value suggested by either a bank or a home owner. That would be unethical and illegal.

There are several approaches to establishing a home's value.  The most common, and generally the most accurate, is the sales comparison method.  This method compares the property to be valued to similar properties and after adjustments are made for factors such as living area, lot size and condition, an appraised value is established.

An appraisal can be performed by anyone in Illinois, but only Illinois Certified Appraisers can appraise larger properties for federally insured banks.  In order to be certified the appraiser must have 2,500 hours of experience over a two year period, successfully complete approved appraisal courses and pass a test administered by the State of Illinois.  Prior to becoming certified, appraisers can apply for a license.   This is the first step on the path to becoming certified.   Consequently, certification is often the minimum individuals and lenders require in the selection of a professional appraiser.  Other factors considered might be knowledge of their geographic area, experience with the type of housing being appraised, fees charged by the appraiser, professional designations and special requirements such as experience with relocation, P.M.I. removal or qualification as an expert in litigation.