Appraisal Basics
The Appraising process is actually made of two different parts: The Appraisal Process and the Appraisal Report. To most, the common term Appraisal is thought to be the finished product or the "Report" but it is in fact a representation of both parts together. Inside the industry, however, Appraisal actually refers primarily to the process itself. Simply put, an appraisal is an opinion of value or the act and process of estimating value.
Qualified appraisers have the education, training, and experience to estimate the current market value of property in accordance with the industry standards. They typically charge fees based on the type of appraisal report required and the amount of work and travel involved.
An appraiser may appear to only spend a short time inspecting the property, but this is only the beginning of the process. Considerable research and collection of general and specific data must be accomplished before the appraiser can arrive at a final opinion of value.
As the appraiser analyzes the data pertinent to a real property valuation report, consideration must be given to the site and amenities as well as the physical condition of the property. The report will include a description of the property under consideration, the property's condition, its utility for a given purpose, and the appraiser's opinion as to its probable monetary value on the open market. Remember, the appraisal does not create value; it merely interprets the compiled market data used to arrive at the value estimate.
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For more detailed information please read or download a free copy of Appraisal Basics - Understanding Value by clicking here. |
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