What does an appraiser do?
Typically, appraisers are commissioned by clients to provide a professional opinion or consultative valuation services on the quality, value or utility of a specific property. An appraiser needs to document the condition of the property, both inside and out, from the layout and features to degree of modernization including any updates as well as the overall quality of construction. This information will help to assist the appraiser throughout the valuation and comparison process.
What is an Appraisal Report?
This is a written report prepared by a qualified, certified appraiser that estimates the current fair market value of the property that you are buying or selling.
Why do I need an Appraisal?
There are many reasons as to why you may need an appraisal. Some of the most common reasons are:
to determine the current value of property being bought or sold
to determine the future value of property being built
for mortgage or lending purposes
to measure property tax assessments or other taxes
to verify damage claims resulting from fire, hail, windstorms and other disasters
And to determine the value of property involved in litigation
Who orders an Appraisal?
Oftentimes, banks/brokers order the appraisal themselves. You should check with your bank or broker so that it is done the correct way.You also have the option to hire an appraiser directly of you wish to do so.
How much does an Appraisal cost and how long does it take?
The cost of an appraisal varies depending on location, type and size of property, and any other extenuating factors, such as subdivision potential, waterfront, etc. Appraisal Services would be glad to discuss your specific appraisal requirements and provide a fee estimate and time frame to complete the report.
What is the difference between an Appraisal and a Home Inspection?
Certified appraisers inspect your home on the basis of size, rooms, general condition, etc., to form an overview of your property in order to compare it to similar properties sold in the area. While a home inspector will look at wiring, plumbing, etc., to advise a home-buyer of the condition of those elements of the home but will not provide an opinion of value.
What is the difference between a certified appraisal and a broker’s market analysis or price opinion?
A certified appraisal is a formal, impartial estimate or opinion of value, usually written, of an adequately described property, as of a specific date, and supported by the presentation and analysis of relevant data. Only a state certified appraiser can provide a certified appraisal.
A comparative market analysis or broker’s price opinion is an informal estimate of market value, based on comparable sales in the neighborhood, performed by a real estate agent or broker. You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder’s or assessor’s offices, through private companies or increasingly on the Internet through such sources as Domania or Yahoo etc.