|
RESIDENTIAL APPRAISAL INFORMATION
The Residential Appraisal ProcessA residential appraisal develops an independent opinion of value for a specific property, intended use, and effective date. The scope of work and analysis depend on the assignment, property, market, and available data. Property InformationDepending on the assignment, the Appraiser may observe the property and consider characteristics such as site, location, design, quality, condition, room count, living area, improvements, amenities, and other features relevant to the valuation. Public records, prior listings, plans, surveys, permits, client-provided information, and other sources may also be considered when relevant. Market ResearchThe Appraiser researches relevant market activity, including comparable sales, listings, market conditions, and other data applicable to the property and effective date. Comparable AnalysisComparable properties are analyzed for similarities and differences that may affect market reaction. Adjustments or other analytical methods are applied when supported by the available market data. Approaches to ValueThe Sales Comparison, Cost, and Income Approaches may be considered as applicable to the property and assignment. Not every approach is necessary or applicable in every residential appraisal. Reconciliation and the Opinion of ValueAfter completing the applicable analyses, the Appraiser reconciles the available indications of value and develops the final opinion of value. The conclusion reflects the property, market data, effective date, intended use, and scope of work for that specific assignment. An appraisal is an opinion of value and does not guarantee a particular sale price or transaction outcome. The Appraisal ReportThe appraisal report communicates the Appraiser's analysis, conclusions, and opinion of value. Depending on the assignment and reporting format, it may include property information, photographs, maps, sketches, comparable sales, adjustments, market analysis, and supporting commentary. Need a Residential Appraisal?Provide the property address and intended use. Saltness Real Estate Services will respond with availability, fee, and estimated turnaround time. Request a Fee Quote |