The main types of home appraisals are standard mortgage appraisals, FHA appraisals, drive-by (exterior-only) appraisals, desktop appraisals, estate/probate appraisals, and divorce appraisals. Each serves a different purpose and follows different standards.
Standard Mortgage Appraisal (FNMA)
Purpose: Lender needs to verify home value for mortgage
Who Orders: Your lender
What It Includes: Complete property inspection, comparable sales analysis, detailed report
Cost: $400-$600
Timeline: 10-14 days
Use: Purchase mortgages, cash-out refinances, equity loans
This is the most common appraisal. When someone says "appraisal," they usually mean this one.
Desktop/Automated Appraisal
Purpose: Quick valuation without on-site inspection
Who Orders: Lender (for specific loan products)
What It Includes: Public records review, MLS analysis, online research
Cost: $250-$400
Timeline: 3-5 days
Use: Rate-and-term refinances, automated lending products
I don't recommend these for major transactions, but some lenders use them.
FHA Appraisal
Purpose: FHA-insured mortgage verification
Who Orders: FHA lender
What It Includes: Standard appraisal plus FHA-specific requirements
Cost: $400-$600
Timeline: 10-14 days
Specialty: FHA appraisers are specially trained and certified for FHA loans
I'm FHA-approved. FHA appraisals require more rigorous documentation than standard appraisals.
VA Appraisal
Purpose: VA home loan verification
Who Orders: VA lender
What It Includes: Standard appraisal plus VA-specific requirements
Cost: $400-$600
Timeline: 10-14 days
Specialty: VA appraisers follow VA-specific standards, more rigorous than conventional
VA appraisals have specific requirements for property condition that are stricter than conventional appraisals.
Divorce Appraisal
Purpose: Fair market value for property settlement
Who Orders: Attorney or divorcing couple
What It Includes: Comprehensive property inspection, detailed comparable analysis, court-ready documentation
Cost: $1,200-$1,500
Timeline: 14-21 days
Specialty: More detailed, defensible for potential court challenges
These require independent, unbiased appraisals that hold up to attorney scrutiny.
Estate/Probate Appraisal
Purpose: Establish property value for estate distribution or tax purposes
Who Orders: Estate executor or attorney
What It Includes: Detailed property analysis, comparable sales, potential stepped-up basis documentation
Cost: $800-$1,500
Timeline: 14-21 days
Specialty: Must establish value at date of death for tax purposes
These are critical for proper estate tax calculation and property distribution.
Charitable Donation Appraisal
Purpose: Establish value for tax deduction
Who Orders: Donor or nonprofit
What It Includes: IRS-compliant documentation, detailed analysis, appraiser declaration
Cost: $1,200-$2,000
Timeline: 14-21 days
Specialty: Must meet IRS requirements for deductibility
These require specific IRS compliance and appraiser qualifications.
Tax Appeal Appraisal
Purpose: Challenge property tax assessment
Who Orders: Property owner
What It Includes: Detailed analysis of assessment vs. market value, comparable sales
Cost: $800-$1,200
Timeline: 10-14 days
Specialty: Must demonstrate assessment is inaccurate relative to market value
These require documenting why the assessor's valuation is wrong.
Investment Property Appraisal
Purpose: Determine value for investment purchase
Who Orders: Investor or investor's lender
What It Includes: Standard appraisal plus income analysis (rent, expenses, cap rate)
Cost: $700-$1,200
Timeline: 10-14 days
Specialty: Includes income-based valuation in addition to sales comparison approach
Investors care about income potential, not just market value.
Refinance Appraisal (Rate-and-Term)
Purpose: Establish current value for non-cash-out refinance
Who Orders: Your lender
What It Includes: Property inspection, comparable sales, standard report
Cost: $400-$600
Timeline: 10-14 days
Specialty: Usually less intensive than purchase appraisals (lender has prior appraisal on file)
These are routine. Lender already knows the property; they just need current value.
Bifurcated Appraisal
Purpose: Divide property value for tax purposes
Who Orders: Property owner (usually for tax planning)
What It Includes: Separate valuations for land and improvements
Cost: $600-$1,000
Timeline: 14-21 days
Specialty: Requires allocating total value between land and buildings
These are complex and require appraisers experienced with cost segregation.
Limited Appraisal
Purpose: Faster valuation for specific lending purpose
Who Orders: Lender (for automated/streamlined products)
What It Includes: Reduced scope compared to full appraisal
Cost: $250-$400
Timeline: 5-10 days
Specialty: Limited inspection or analysis for specific loan products
Not all lenders offer these. Check if your loan qualifies.
Retrospective Appraisal
Purpose: Establish value as of a past date
Who Orders: Attorney or property owner (estate, divorce, tax appeals)
What It Includes: Analysis of market conditions and comparable sales from the past date
Cost: $900-$1,500
Timeline: 21+ days
Specialty: Requires historical market analysis
These are complex because you're valuing "as of" a past date using historical data.
The Common Thread
All appraisals follow the same basic methodology:
- Property inspection
- Comparable sales analysis
- Market analysis
- Professional opinion of value
The difference is scope, detail level, and intended use.
Which One Do You Need?
Buying with Mortgage: Standard mortgage appraisal Refinancing: Refinance appraisal (or desktop if streamlined) FHA Loan: FHA appraisal VA Loan: VA appraisal Divorce: Divorce appraisal Estate: Probate appraisal Charitable Giving: Charitable appraisal Tax Appeal: Tax appeal appraisal Investment: Investment appraisal
Your situation determines which type you need.
The Bottom Line
There are many appraisal types, each with specific purposes and requirements.
The standard mortgage appraisal is most common. Specialized appraisals are more detailed and defensible for their specific purposes.
Choose the right appraisal type for your situation.
That's how you get accurate, defensible valuations.