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Why an Appraisal?
Appraisals are obtained for several reasons, including to:- settle an estate
- establish replacement cost for insurance
- establish just compensation for condemnation
- contest high property taxes
- determine an offering or selling price
- obtain loan
- summary
An appraisal of real estate is the valuation of the rights of ownership, the appraiser must define the rights he intends to appraise.
The appraiser does not create value, the appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the site and amenities as well as the physical condition of the property. An appraiser may spend only a short time inspecting the property, however, this is only the beginning.
Considerable research for collecting general and specific data must be accomplished before the appraiser can arrive at a final opinion of value.
Due to the many types of value, such as Fair Market Value, Insurance Value, Tax Value and Value In Use, the need to precisely define the purpose of the appraisal is readily indicated.
Today is the age of specialization and the real estate profession is no exception to the rule. Real estate appraising is a complex field. The sale of your home, business or any "real property" may be the largest transaction of your lifetime. Appraisers' opinions can play an important part in almost any real estate transaction for this reason an Independent Appraiser should be consulted.
