What Appraisal Associates Does and When You Need Them

Appraisal Associates provides real estate appraisals across South Carolina, valuing properties for mortgage lenders, buyers, and sellers

When you buy a home with a mortgage, your lender requires an independent appraisal to confirm the property is worth what you are paying for it. Appraisal Associates is a South Carolina-based firm that conducts these valuations and related appraisal services. They examine the property's condition, compare it to similar homes in the area, and produce a written report that lenders use to decide whether to fund the loan.

The appraisal protects both you and the lender. If you offer $250,000 for a house but the appraisal comes in at $230,000, your lender will only finance based on the lower figure—meaning you would need to cover the gap in cash or renegotiate the price. Appraisals also matter if you are refinancing, contesting your property tax assessment, or settling an estate.

Key Takeaways

• Appraisal Associates conducts property valuations required by mortgage lenders before they fund a home purchase or refinance.
• An appraisal report compares your property to similar homes recently sold nearby and documents the home's condition and features.
• The appraisal fee is typically paid upfront by the buyer or refinancing homeowner and is separate from the mortgage application fee.
• Appraisals take one to two weeks from inspection to final report, so plan accordingly during the mortgage process.
• If you disagree with an appraisal, you can request a review or a second opinion, though the lender makes the final decision on loan terms.

How the appraisal process works

The process begins when your lender orders the appraisal and assigns it to an appraiser—in this case, someone from Appraisal Associates. The appraiser schedules a time to visit the property, usually within a few days of the order. During the visit, they measure the home, photograph key areas, note the condition of the roof, foundation, systems, and finishes, and observe the lot size and neighborhood.

After the inspection, the appraiser researches comparable sales—homes similar in size, age, and location that sold recently in your area. They adjust for differences (a home with an extra bedroom might be worth more; one needing a new roof might be worth less) and arrive at an estimated market value. The final appraisal report includes photographs, the property description, comparable sales data, and the appraiser's conclusion of value. Your lender receives the report first; you typically see it after the lender has reviewed it.

Who orders and pays for the appraisal

In a home purchase, the buyer's lender orders the appraisal, and the buyer usually pays the fee upfront as part of closing costs. The fee varies by property size and location but typically ranges from several hundred to over a thousand dollars. Some lenders collect the appraisal fee when you submit your mortgage application; others collect it when the appraisal is ordered.

If you are refinancing, your lender orders the appraisal and you pay the fee. In a cash sale with no lender involved, a buyer or seller might order an appraisal independently to support negotiations or for their own records, though this is less common.

What happens if the appraisal is lower than the purchase price

If the appraisal comes in below your offer price, your lender will only finance up to the appraised value. You then have a few options: pay the difference in cash, renegotiate the purchase price with the seller, or walk away if your contract allows it. Some sellers will lower their price; others will not, especially in a competitive market.

You can also request that the appraiser review their work if you believe there is an error—for example, if they missed a recent renovation or misidentified comparable sales. Appraisal Associates can clarify their methodology, but the lender makes the final decision on whether to accept a revised value. A second appraisal from a different firm is another option, though lenders are not required to accept it and you would pay for it out of pocket.

Appraisals for refinancing and other purposes

When you refinance a mortgage, your new lender orders a fresh appraisal to determine the current value of your home. This affects how much you can borrow and what interest rate you receive. A higher appraisal can improve your refinance terms; a lower one might make refinancing less attractive.

Appraisals also serve other purposes outside of lending. If you are contesting your property tax assessment, an independent appraisal can support your case. Estate executors may order appraisals to establish property value for inheritance purposes. Divorce settlements sometimes require appraisals to divide marital assets fairly. In these cases, you would contact Appraisal Associates directly rather than going through a lender.

Timeline and what to expect

From the time your lender orders an appraisal to the time you receive the final report typically takes one to two weeks. The appraiser schedules the inspection within a few days, spends an hour or two at the property, and then takes several days to research comparables and write the report. Lenders usually review it within a day or two before sending it to you.

During a mortgage purchase, this timeline matters because your closing date depends partly on receiving the appraisal. If you are buying a home, ask your lender when the appraisal will be ordered and when you can expect the report. If there are delays—bad weather, appraiser availability, or a complex property—communicate with your lender early so closing can be adjusted if needed.

Choosing an appraiser and understanding credentials

Your lender chooses the appraiser, not you, to ensure independence. Appraisers in South Carolina must be licensed by the state and follow the Uniform Standards of Professional Appraisal Practice (USPAP), a national code of ethics and methodology. Licensed appraisers have met education and experience requirements and must renew their license periodically.

Appraisal Associates employs licensed appraisers who follow these standards. You cannot request a specific appraiser, but you can ask your lender about the firm's credentials and experience in your area. If you have concerns about an appraisal—whether from Appraisal Associates or another firm—you can file a complaint with the South Carolina Department of Labor, Licensing and Regulation, which oversees appraiser licensing.

Frequently Asked Questions

How much does an appraisal cost?

Appraisal fees vary based on property size, location, and complexity, typically ranging from several hundred to over a thousand dollars. Your lender will tell you the fee when the appraisal is ordered. You pay this fee upfront; it is separate from your mortgage application fee and is not refundable if you do not close on the loan.

Can I be present during the appraisal inspection?

Yes, you can be home during the inspection, and some appraisers welcome it so you can point out recent improvements or answer questions. However, the appraiser works independently and will not be influenced by your presence. If you are not home, the appraiser may need access to the property, so coordinate with your lender or real estate agent beforehand.

What if I disagree with the appraisal value?

You can request a review or reconsideration from the appraiser if you believe there is a factual error—for example, if they underestimated square footage or missed a major renovation. The appraiser will explain their methodology, but they are not required to change their opinion. Your lender makes the final decision on whether to accept the value or order a new appraisal.

Does the appraisal affect my property taxes?

No. An appraisal for a mortgage is separate from your property tax assessment. The county assessor determines your tax value independently. However, if you are contesting your tax assessment, you can use an independent appraisal as evidence to support a lower value.

How long does an appraisal take?

The inspection itself usually takes one to two hours. The full process—from order to final report—typically takes one to two weeks. During a mortgage purchase, this is usually built into your closing timeline, but delays can happen if the appraiser is busy or the property is complex.