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A typical home appraisal appointment will take 15 to
30 minutes. An appraiser will
inspect both the interior and exterior of the subject property. The appraisal report will contain as much information on the
home as possible. Included will be a description of the exterior (ranch, brick, etc.), a description of the interior (ceramic tile, drywall, etc.), and any additional features (pools, barns, etc.) There is also a section of the report which describes the neighborhood and lot size, shape, room count of the house (4 bedrooms, 1.5 baths, etc.) and lists the above grade living area of your house.
Then the process of valuation begins. When applicable, a Cost Approach is provided. The appraiser uses various methods of
estimating a cost to reconstruct the home. This approach is not always applicable, based on the age of the home. In the Income Approach, properties that are
leased are considered and the Income Approach is utilized. This
approach is seldom used with single family properties, since they
are seldom purchased solely for their income producing potential.
The Market Data approach (Sales Comparison Approach), is the one approach that is
almost always used. In this approach, properties that have
sold are reviewed. Then three or more properties that are
most similar are compared to the subject. The appraiser will make adjustments where the properties differ and a final value estimate will be reached based on the range of adjusted sales prices.
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Services We Provide
Appraisal Reviews
Ad Valorem/Tax
Condemnation
Estates
Evaluations
Feasibility Studies
Highest and Best Use Studies
Litigation/Expert Testimony
Market Value Assignments
Mortgage
Relocation |
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