How do house appraisals work? are some buildings or structures better or worse for the appraisals?
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Depends on the appraisal. We just took out a home equity loan, and the bank did a drive by appraisal. In this instance, all the appraiser did was drive past our house, and base his estimate off the exterior appearance, comparable homes in the neighborhood, and the information available via the web which happened to be the listing and photos from when we bought the house a few years ago.
When they come to the interior of the home, they are evaluating for any major structural damage and/or changes that may have an effect on the resale value of the home, positive or negative. They are not necessarily looking at fine details that would be considered cosmetic or easily repairable. In general, they are looking at square footage, number of bedrooms and baths, any extra amenities like an extra dining room or family room, a finished basement, etc.
Basically, the bank wants to know, that if you default on whatever loan they are giving you that they will be able to recoup the money by selling your house.
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