How Thompson Appraisal Services Works in South Carolina

What Thompson Appraisal Services does

Thompson Appraisal Services is a real estate appraisal firm operating in South Carolina that conducts property valuations for lenders, buyers, and other parties involved in real estate transactions. The company assigns a licensed appraiser to inspect a property, evaluate its condition and features, research comparable sales in the area, and produce a written appraisal report that estimates the property's fair market value.

The appraisal itself is not a home inspection—it does not test systems or identify repairs needed. Instead, it answers a specific question: what is this property worth today, based on what similar properties have sold for recently? Lenders use appraisals to confirm that a property is worth at least the loan amount. Buyers sometimes order them to verify the asking price. Divorce settlements, estate divisions, and property tax disputes also rely on appraisals.

Key Takeaways

• Thompson Appraisal Services sends a licensed appraiser to inspect the property and compare it to recent sales of similar homes in the same area.
• The appraisal report estimates fair market value and is typically required by lenders before they will approve a mortgage.
• The appraisal process usually takes one to two weeks from the time you order it until you receive the written report.
• You can contact Thompson Appraisal Services directly to request an appraisal, or your lender may order one on your behalf as part of the loan process.

When you need an appraisal from Thompson

If you are buying a home with a mortgage, your lender will require an appraisal before closing. The lender orders it to protect their investment—they will not lend more than the property is worth. You do not choose the appraiser in this case; the lender selects one from their approved list, and Thompson Appraisal Services may be on it.

You can also order an appraisal independently if you are a cash buyer who wants to verify the asking price, a homeowner refinancing your mortgage, or someone involved in a legal matter that requires a professional valuation. In these cases, you contact Thompson directly to request the service.

How the appraisal process works

Once you or your lender orders an appraisal, Thompson Appraisal Services assigns a licensed appraiser to the job. The appraiser schedules a time to visit the property, usually within a few days to a week. During the visit, they walk through the house and take measurements, photographs, and notes on the condition of the structure, roof, foundation, interior finishes, appliances, and any upgrades or damage.

After the inspection, the appraiser researches recent sales of comparable properties in the same neighborhood or similar areas. They analyze factors like square footage, lot size, age of the home, number of bedrooms and bathrooms, and condition to determine which sales are truly comparable. They then produce a written report that shows their research, their reasoning, and their final value estimate.

The entire process—from scheduling to receiving the report—typically takes one to two weeks. If the appraisal is tied to a mortgage application, your lender will review it and let you know whether the value supports the loan amount.

What happens if the appraisal comes in low

A low appraisal means the appraiser's estimate is less than the purchase price or the loan amount you requested. If you are buying with a mortgage and the appraisal is lower than the sale price, you have several options: you can renegotiate the price with the seller, put down more money to cover the difference, or walk away from the deal if your loan contract allows it.

If you are refinancing and the appraisal is lower than expected, the lender may reduce the loan amount they will give you, which changes your monthly payment and the total you can borrow against the home's equity.

You can request that Thompson Appraisal Services reconsider their appraisal if you believe there is an error in their research or reasoning, though this is uncommon. Your lender or real estate agent can advise you on whether a reconsideration is worth pursuing in your specific situation.

Costs and how to contact Thompson

Appraisal fees vary depending on the property type, location, and complexity. A standard residential appraisal in South Carolina typically costs between a few hundred and several hundred dollars. If your lender orders the appraisal, they will tell you the fee upfront, and it is usually added to your closing costs or paid before the inspection.

To contact Thompson Appraisal Services directly, search for their business name and phone number online, or ask your real estate agent or lender for their contact information. If a lender is ordering the appraisal on your behalf, you do not need to contact Thompson yourself—the lender will handle the order and coordinate the inspection time with you.

Understanding the appraisal report

When you receive the appraisal report from Thompson, it will include a summary page with the final value estimate, a detailed description of the property and its condition, photographs, a map showing the location, and a section listing the comparable sales the appraiser used. The report also explains any adjustments the appraiser made—for example, if your home has an extra bathroom compared to a comparable sale, the appraiser adds value; if it needs a new roof and a comparable does not, they subtract value.

The report is a technical document written for lenders and real estate professionals, but the key number—the appraised value—is what matters most to you. If you have questions about how the appraiser arrived at that number, your real estate agent or lender can walk you through the reasoning.

Appraisals versus other property evaluations

An appraisal is different from a comparative market analysis (CMA), which a real estate agent prepares to help price a home for sale. A CMA is not a formal appraisal and is not used by lenders. It is also different from a home inspection, which identifies needed repairs and tests systems like plumbing and electrical. An appraisal focuses on value, not condition or safety.

If you are buying a home, you may order both an appraisal (to verify value) and a home inspection (to identify problems). Your lender will require the appraisal; the inspection is your choice and protects you by revealing issues before you commit to the purchase.

Frequently Asked Questions

Can I be present during the appraisal inspection?

Yes, you can be home when the appraiser visits, and many homeowners are. You can point out recent upgrades or answer questions about the property. However, the appraiser works independently and will not change their valuation based on your input—they base it on comparable sales and the property's actual condition.

How long does an appraisal take?

The inspection itself usually takes 30 minutes to an hour, depending on the size and complexity of the property. The full process—from ordering to receiving the written report—typically takes one to two weeks. If your mortgage application is time-sensitive, ask your lender how quickly Thompson can turn around the report.

What if I disagree with the appraised value?

You can request that the appraiser reconsider their work if you believe there is a factual error, such as a miscount of rooms or incorrect information about recent renovations. Provide documentation of the error. However, disagreeing with the value itself is not grounds for reconsideration—the appraiser's professional judgment is what the report reflects.

Who pays for the appraisal?

If a lender orders the appraisal, you pay the fee, usually added to your closing costs or due upfront. If you order an appraisal independently, you pay Thompson directly at the time of service. The cost varies but is typically several hundred dollars for a residential property.

Can I use an appraisal from another company if I already have one?

Your lender may accept an appraisal from another company if it is recent and meets their standards, but they often prefer to order their own to ensure it follows their specific requirements. Ask your lender before paying for a second appraisal—they may waive the fee or accept the one you already have.