What Reed Appraisal Services Does and When You Need a Real Estate Appraisal
What a real estate appraisal is and why lenders require one
A real estate appraisal is an independent assessment of a property's market value, conducted by a licensed professional appraiser. When you buy a home with a mortgage, your lender requires an appraisal before they will fund the loan. The appraisal protects the lender by confirming that the property is worth at least what you are borrowing against it.
Reed Appraisal Services is a South Carolina-based firm that conducts these appraisals for residential and commercial properties. An appraiser from the company will visit the property, measure it, inspect its condition, review comparable sales in the area, and produce a written report with a value estimate. This report becomes part of your loan file and is submitted to your lender.
The appraisal process typically takes one to two weeks from the time your lender orders it. You do not pay Reed Appraisal Services directly in most cases—your lender arranges and pays for the appraisal as part of the loan process, though the cost is usually passed to you at closing.
Key Takeaways
- Reed Appraisal Services conducts property valuations for mortgage lenders, home buyers, and real estate transactions across South Carolina.
- An appraisal is required by your lender before loan approval and typically costs between $300 and $600 depending on property type and location.
- The appraiser physically inspects the property, compares it to similar recent sales, and delivers a written report within one to two weeks.
- If you disagree with the appraisal value, you can request a reconsideration or order a second appraisal, though this involves additional cost and time.
How to request an appraisal through your lender
You do not contact Reed Appraisal Services directly to order an appraisal. Instead, your mortgage lender orders the appraisal on your behalf once your loan application is submitted and approved in principle. The lender selects the appraisal company—in this case, Reed Appraisal Services—based on their network of approved vendors.
Your lender will notify you when the appraisal has been ordered and provide you with contact information for scheduling the property inspection. You will need to make the property accessible to the appraiser on a date and time that works for both parties. The inspection typically takes 30 minutes to two hours, depending on the property size and complexity.
Once the appraisal is complete, Reed Appraisal Services submits the report directly to your lender. You will receive a copy of the appraisal report, usually within a few days of the inspection. Review it carefully to check for any errors in property details, measurements, or comparable sales used in the valuation.
What happens if the appraisal comes in lower than the purchase price
If the appraised value is lower than the price you agreed to pay, you have several options. The most common is to renegotiate the purchase price with the seller based on the appraisal. Many sellers will lower their asking price to match the appraised value rather than lose the sale.
If the seller will not lower the price, you can make up the difference in cash at closing. This means paying more out of pocket than you originally planned, since your lender will only finance up to the appraised value. Some buyers choose this route if they believe the property is worth more than the appraisal suggests or if they have the funds available.
You also have the right to challenge the appraisal by requesting a reconsideration from Reed Appraisal Services or your lender. Provide documentation of errors—such as incorrect square footage, missing upgrades, or comparable sales that do not reflect the property's true market position. If the appraiser agrees there was an error, they may revise the report. If you remain unsatisfied, you can order a second appraisal from a different company, though you will pay for it out of pocket.
Types of properties Reed Appraisal Services handles
Reed Appraisal Services conducts appraisals on residential properties, including single-family homes, condominiums, townhouses, and multi-unit rental properties. They also appraise commercial real estate, vacant land, and special-use properties. The appraisal process and timeline are similar across property types, though commercial and unusual properties may take longer to value because comparable sales data is less abundant.
Residential appraisals are the most common and typically the fastest to complete. Commercial appraisals require more detailed analysis of income potential, operating expenses, and market conditions, so they may take two to three weeks. If you are purchasing a property type outside the standard residential category, ask your lender whether Reed Appraisal Services has experience with that property class before the appraisal is ordered.
Understanding appraisal costs and who pays
Appraisal fees vary based on property type, location, and complexity. Residential appraisals in South Carolina typically range from $300 to $600. Commercial appraisals are usually higher, often $500 to $1,500 or more. Rural or unusual properties may cost more because they require additional research and travel time.
In a mortgage transaction, your lender pays Reed Appraisal Services directly, but the cost is added to your loan closing costs and ultimately paid by you at closing. This fee appears on your Closing Disclosure document, which you will receive at least three days before closing. If you are ordering an appraisal outside of a mortgage transaction—for example, for estate settlement, divorce, or property tax appeal—you will pay the appraiser directly.
How appraisals differ from home inspections and assessments
An appraisal is not the same as a home inspection. An appraiser estimates market value; a home inspector checks the condition of the structure, systems, and components and reports defects or needed repairs. You typically order a home inspection separately and pay for it yourself, usually $300 to $500. The inspection report is for your information only and does not affect your loan.
An appraisal is also different from a property tax assessment. Your county assessor determines assessed value for tax purposes, which is often lower than market value. Assessed value does not affect your mortgage appraisal, and the two numbers may differ significantly. If you believe your property tax assessment is incorrect, you can appeal it through your county assessor's office, but that is a separate process from the mortgage appraisal.
Frequently Asked Questions
Can I choose which appraisal company does my appraisal?
No. Your lender selects the appraisal company from their approved vendor list. However, you can ask your lender if Reed Appraisal Services is available in your area, and you can request a different appraiser if you have a conflict of interest with the one assigned.
What if I disagree with the appraised value?
You can request a reconsideration of value from Reed Appraisal Services if you believe there are factual errors in the report, such as incorrect square footage or missing upgrades. Provide documentation of the error. If the appraiser does not revise the value, you can order a second appraisal from another company at your own cost.
How long does an appraisal take?
The physical inspection usually takes 30 minutes to two hours. The complete appraisal report is typically delivered within one to two weeks of the inspection. Commercial or complex properties may take longer.
Do I have to be home during the appraisal?
You do not have to be present, but the appraiser needs access to the interior and exterior of the property. Arrange a time that works for you, or give a trusted person a key to let the appraiser in. Make sure the property is clean and accessible so the appraiser can complete their work efficiently.
What if the appraisal is higher than the purchase price?
If the appraised value exceeds the purchase price, your lender will finance based on the purchase price, not the higher appraisal. This is good news for you—it means you are getting a property worth more than you are paying for it, and you have built-in equity from day one.