The Appraisal Process
What is an Appraisal?
An appraisal is an opinion of market value or the act of estimating value. The use of three approaches derives this opinion or estimate.
After all processes are applied and a thorough analysis of specific and general data gathered from the market, a final estimate of value can be derived and reported.
What is the primary role of an Appraiser?
The role of an appraiser is to provide an accurate impartial third party estimate of value based on current trends and market activity.
Appraisers do however provide a wide range other of services:
- 1. Estate planning
- 2. Real estate tax appeal
- 3. Feasibility studies
- 4. Expert witness testimony
- 5. Market rent studies
- 6. Land utilization studies
- 7. Supply and demand studies
- 8. Dispute resolution including: divorce, estate settlements, foreclosures and zoning issues
What an appraisal should include:
An appraisal typically consists of a legal description; a description of the property, interior and exterior, square footage measurements including a sketch, comparable sales as close in proximity to the subject as possible, neighborhood description and boundaries and a description of current market activity and trends
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