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, a thoroughness of approach, and a dedication to communicating clearly.
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
To determine comparable properties, an appraisal typically includes a review of:
- Sales of similar properties nearby
- Recent tax assessments
- Replacement Cost (also called the “cost of rebuilding”)
Typical reasons for appraisal services:
- Mortgage Appraisals (Single Family, Condominium, 2-4 Family)
- Recent tax assessments
- PMI Removal
- Rental Value
- Other (Land Appraisal, Tax Assessment Reduction, Estate, Market Value, Divorce)
At the completion of an appraisal, you can expect a comprehensive report that details the above information in a format acceptable to you and your lender or other interested financial institution.
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