Professional Appraisal Services, LLC has answers to "Frequently Asked Questions"

Professional Appraisal Services, LLC is prepared to elaborate on any concerns you might have about appraisals or real estate in Chicago and Cook County. Feel free to contact us today.

Define the term "Appraisal"
What does an appraiser do?
Why would I require services from Professional Appraisal Services, LLC?
What is the difference between an appraisal and a home inspection?
What's in an appraisal report?
Upon completion of the report, how can I have certainty that the value indicated is valid?
What does it mean for an appraiser to be licensed?
Who are an appraiser's customers?
Where does an appraiser get the information used to estimate values in Cook County or other areas?
Why should I hire a licensed appraiser?
Should I do anything in advance of the appraisal appointment
How does an appraiser define "Market Value"?
Who actually owns the appraisal report?
How can I get the most ROI out of home improvements?

Define the term "Appraisal"   (List of questions)

The appraisal process is an evaluation that leads to an opinion of value. There are three "common approaches to value" which helps the real estate appraiser come to this opinion or valuation. One of the methods in use is the Cost Approach, which finds what it would cost to restore the improvements to the house, less the depreciation and physical dilapidation, plus the land value. The Sales Comparison Approach involves finding similar houses in the vicinity and discovering the value based on making a comparison of those houses to the house in question. The Sales Comparison Approach is normally the most accurate and clearest indicator of a liklely sales price for a residential property. One of the least common approaches in appraising homes is the Income Approach, which is mainly used to find the market value of a property based on what an investor would pay based on the income produced by the building.

What does an appraiser do?   (List of questions)

An appraiser provides a professional, unbiased assessment of market value, often in the context of a real estate purchase. Appraisers show their conclusions in appraisal reports.

Why would I require services from Professional Appraisal Services, LLC?   (List of questions)

There are a lot of reasons to order an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for purchasing an report include:
  • To receive a loan.
  • To lower your property taxes.
  • To demonstrate a homeowner's acquired equity and remove insurance.
  • To fight high property taxes.
  • If you need to settle an estate.
  • To give you a negotiating tool when purchasing a home.
  • To find a likely price when selling real estate.
  • Because a government agency such as the IRS requires it.
Click here for a more detailed explanation of the process involved in getting an appraisal.




Simply put, it's night and day. The CMA utilizes market trends to conduct most of their business. An appraisal utilizes comparable sales that can be proven by public record. Also, the appraisal checks other factors like condition, location and replacement costs. The CMA will provide a non-specific figure. Delivering a defensible and careful analysis, an appraisal will give a clear opinion of value.


What's in an appraisal report?   (List of questions)

Each appraisal must reflect a supported value opinion and should clearly state the following:
  • The client and whose purposes the appraisal is to serve.
  • The intended use of the appraisal.
  • The appraisal's purpose.
  • The effective date of the appraisal.
  • The scope of work considered to complete the job.

Upon completion of the report, how can I have certainty that the value indicated is valid?   (List of questions)

  • That the information analysis utilized in the appraisal was suitable.



  • The final appraisal report was easy to explain, credible and conclusive.
There are rigorous education and experience requirements that must be fulfilled in order to become a licensed appraiser in Illinois. Plus, appraisers must abide by a stringent industry code of ethics and comply with national standards of practice for real estate appraisal. The tenets for developing an appraisal and reporting its results are insured by enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP).

   (List of questions) Regulations regarding licensing and certification of Real Estate Appraisers are different from state to state. However, licensing and certification is commonly associated with many hours of coursework, tests and practical experience. Once licensed, he or she must then complete continuing education courses so that the license doesn't expire. To see the specific requirements for any state click here.

Who are an appraiser's customers?   (List of questions)

Most of the time, appraisers are employed by mortgage lenders to render a value opinion on a home involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.

Where does an appraiser get the information used to estimate values in Cook County or other areas?   (List of questions)

One of the main things an appraiser does is to assimilate property data. Data can be divided into Specific or General. Specific data is taken from the home itself; Location, condition, amenities, size and other specific data are noted by the appraiser during an inspection.

General data is collected from a many sources. To find out about recent sales to be used as "comps", an appraiser will often use the local Multiple Listing Service. Tax records and other courthouse documents reveal actual sales prices in a market. Appraisers routinely have to report when a property lies in a flood zone, so that information is retrieved from a FEMA data outlet such as a la mode's InterFlood service.



If you're involved in any kind of financial decision and the value of your home is relevant, you'll want a full appraisal. For those selling a home, you'll want to figure out the price that gets you the most profit but also ensures you don't have to wait too long for a buyer to show up; an appraisal can help with that. If you're buying, it makes sure you don't overpay. For those settling an estate or divorce, an appraisal from Professional Appraisal Services, LLC is the best way to ensure assets are divided properly. Simply put, a house is often the single, largest financial asset anybody owns. Without knowing its real value, wise financial decisions are impossible.


PMI is short for for Private Mortgage Insurance. This added plan covers the lender in case a borrower defaults on the loan and the market price of the home is less than the balance of the loan. You can have your PMI dropped once you've achieved 20% equity in your home through appreciation and principal payments.

Has your real estate appreciated since you first purchased? Contact Professional Appraisal Services, LLC today at 312-371-8844 to see if you can cancel your Private Mortgage Insurance premium.



  • List of personal property to be sold with the building.
  • Title policy that describes encroachments or easements.


In real estate appraising, Market Value is commonly defined as:


Who actually owns the appraisal report?   (List of questions)




