Indiana Real Estate Appraisal — FAQ
Common questions about appraisers, credentials, costs, and the appraisal process in Indiana.
Do I need a licensed appraiser for a mortgage in Indiana?
Yes. Federal regulations (FIRREA) require a state-licensed or certified appraiser for virtually all residential mortgage transactions above $400,000, and most lenders require one regardless of loan size. Fannie Mae and Freddie Mac require Certified Residential or higher for conforming loans. An unlicensed appraisal is not accepted by federally regulated lenders.
What is the difference between Certified General, Certified Residential, and Licensed Residential appraisers?
Indiana licenses appraisers at three levels. Certified General appraisers may appraise all property types — residential, commercial, industrial, and agricultural — with no value limit. Certified Residential appraisers may appraise all 1–4 unit residential properties regardless of value or complexity. Licensed Residential appraisers may only appraise non-complex 1–4 unit residential properties up to $1,000,000.
How much does a home appraisal cost in Indiana?
Most residential appraisals in Indiana range from $400 to $700 for a standard single-family home. Complex properties, larger homes, rural properties, or rush orders typically cost more. Commercial appraisals vary widely based on property type and complexity — commonly $1,500–$5,000 or more. Always get a written fee agreement before work begins.
How do I verify an Indiana appraiser's license?
You can verify any Indiana appraiser license at the Indiana Professional Licensing Agency's online verification portal (mylicense.in.gov/everification). Search by name or license number. Every profile on this site shows the appraiser's IPLA license number so you can verify it independently before hiring.
Do I need to be present for the appraisal?
You do not need to be present, but it is often helpful to have someone available to provide access and answer questions. If the appraiser cannot access the property, the appointment may need to be rescheduled. For investment properties, coordinate with your tenant for access.
How long does an appraisal take?
The on-site inspection typically takes 30 minutes to 2 hours depending on property size and complexity. The full report — including research, comparables, and writing — generally takes 3–10 business days after the inspection. Rush orders may be available for an additional fee.
Can I choose my own appraiser for a mortgage?
For federally related transactions, lenders must use an appraisal management company (AMC) or have an independent ordering process. You typically cannot request a specific appraiser for a lender-ordered appraisal, though you can share information about recent comparable sales. For private transactions (estate, divorce, tax appeal), you can hire any IPLA-licensed appraiser directly.
What appraisal types do Indiana appraisers perform?
Indiana appraisers perform valuations for mortgage financing, estate settlement and probate, property tax appeals, divorce and equitable distribution, pre-listing pricing, foreclosure, condemnation, insurance claims, and investment analysis. The right appraiser and report type depends on the intended use — always communicate your purpose when ordering.
Can I dispute an appraisal that comes in low?
Yes. If you believe an appraisal contains errors or missed relevant comparable sales, you can request a reconsideration of value (ROV) through your lender. Provide specific data — recent comparable sales, information about improvements, or factual errors in the report. You can also order an independent appraisal for a second opinion, though the lender is not required to accept it.
Does Indiana require an appraisal for home sales?
Indiana law does not require a real estate appraisal for private home sales between willing parties. However, lenders require them for mortgage-backed transactions. Buyers or sellers may also order appraisals voluntarily to verify pricing. For estate sales and divorce proceedings, a court may require a formal appraisal.
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