Primary and Secondary Mortgages
Private Mortgage Insurance Removal
Short Turn-Around Times
Highest-Quality Appraisal Reports
On-line Status Reports
Electronic Ordering and Delivery
What Is an Appraisal?
An appraisal report, typically referred to as an “appraisal” is a detailed report which describes, analyzes and summarizes the subject property characteristics. The subject property (your home) is compared to surrounding properties known as comparables or “comps.”
While clients may primarily be interested in an opinion of value for their home, an appraisal report can have other uses. An appraiser can assist you in determining market rents, verifying dwelling size, or outlining how the quality of your improvements contributes to value. With this knowledge you can make more educated decisions in the future.
It is important to understand that this opinion of value can be based on a variety of values including market value, historical value, insurable value etc. After a short phone conversation we are certain you will understand why our breadth of knowledge can work to your advantage.
After engaging us to complete your appraisal report the real work begins. We will analyze the local market and comparables through the Sandicor MLS based on the physical attributes of your property. These characteristics are typically taken from our client, Realist public records and Sandicor MLS. We will verify these characteristics at our property inspection.
The inspection at the property generally takes 30-45 minutes depending on the size of your home. We will measure your home, photograph the interior and exterior while taking detailed notes on the condition, quality of construction and various amenities which contribute to value.
After the inspection of your home we will drive by comparable properties in the area and inspect them from the exterior.
Back at the office is where we put it all together. There are 3 approaches to value which are generally utilized in residential appraisal assignments. The sales comparison, cost and income approach. The income approach is generally used for multi unit income producing properties exclusively. The cost approach is more often relevant to lenders when evaluating the replacement cost of the property if it were destroyed in a casualty loss.