Appraisal Overview

It's critical that you choose an appraisal firm that takes the time to devote to analyzing all of the pertinent appraisal factors as they relate to your property. This is not just number crunching - it requires an intimate knowledge of sources of information, an understanding of trends in the market, thoroughness of the three approaches to value, and the ability of communicating clearly a value conclusion.  Licensed and certified real estate appraisers are required to meet continuing education requirements and must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP) or risk disciplinary action, including possible loss of license. USPAP defines an appraiser as "one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective."

An appraisal is defined as the act or process of developing an opinion of value. The characteristics of an appraisal involves selective research into appropriate market areas, the assemblage of pertinent data, the use of appropriate analytical techniques, and the application of knowledge, experience, and professional judgment to develop an appropriate solution to an appraisal problem. The appraiser provides the client with an opinion of real property value that reflects all pertinent market evidence.

An appraisal is a detailed analysis of all the factors that determine the value of a property including:

  • Location
  • Condition
  • Size
  • Proximity to facilities
  • Comparable properties

At the completion of an appraisal, you can expect a comprehensive report that details the above information in a format acceptable to you, your lender or other intended users.

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