The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real property. Through extensive knowledge, experience, and impartiality, appraisers bring trust to the transaction and help their clients make decisions with regard to real property.

States require appraisers to be state licensed or certified in order to provide appraisals. In order to obtain a license or certification, an appraiser must fulfill rigorous education and experience requirements. He or she must also adhere to industry standards and a professional code of ethics.

Appraisers formulate an opinion of value based on one or more of the following:

1) the value indicated by recent sales of comparable properties;
2) the current cost of reproducing or replacing a building or buildings; and
3) the value indicated by a property’s ability to generate income.

There are two types of report formats that are typically used. An Appraisal Report format is the standard reporting option that states and summarizes the data, reasoning, and analyses that were used in the appraisal process. The Appraisal Report format is appropriate for most scenarios.

A Restricted Appraisal Report is an abbreviated report containing an extremely limited amount of detail, and it may not be fully understood without the workfile that is retained by the appraiser. Moreover, only the client may utilize the report, and there can be no additional intended users of the report such as an accountant or attorney. However, if a detailed report is not necessary, and the client will be the only user of the report, the Restricted Appraisal Report may be a cost-effective option, as an appraiser can complete this report in a shorter amount of time compared to a full Appraisal Report.

Appraisal Institute designated appraisers must satisfy rigorous educational requirements, must regularly enroll in continuing education programs, have considerable professional experience, and are required to adhere to strict standards and ethics of professional practice, all of which exceed those required by state or federal law.

There are several Appraisal Institute designations an appraiser can earn: the MAI designation is for appraisers who are experienced in the valuation of commercial, industrial, residential and other types of properties. The SRA designation is held by appraisers who are experienced in the analysis and valuation of residential real property. The AI-GRS designation is held by appraisers who are experienced in general appraisal review, while the AI-RRS designation is held by appraisers who are experienced in residential appraisal review.

There is a wide range of commercial property types and assignment conditions. Depending on the reporting format used and the overall the complexity of the assignment, an appraisal can take anywhere from several days to weeks or even months to complete. The cost typically ranges from $2,000 to $5,000 for most appraisals, but can be higher for very complex and/or special use properties. Contact us to get an accurate quote for your property.

The appraiser obtains necessary information from a variety of data sources, including, but not limited to: data vendors such as CoStar, the local Multiple Listing Service, county assessor records, local real estate professionals, interviews with sellers and buyers, and data contained in the appraiser’s previous appraisals.

Although the appraiser routinely performs a property inspection during the appraisal process, he or she is not an inspector. A home inspector looks at a property in detail and examines virtually every accessible part. However, the purpose of the inspection done by the appraiser is to get a general idea of the property and its features that affect market value, including measuring the building to obtain the square footage, and the appraiser usually addresses conditions that are apparent or observable. Unlike a home inspector, the appraiser typical does not test mechanical systems and major appliances.

An appraisal is an unbiased opinion of value by a licensed or certified appraiser based on and supported by factual data. Both the CMA and BPO are typically performed by a real estate agent, with the CMA primarily prepared for a property owner for the purpose of establishing a listing price, while BPO is also occasionally ordered by lenders as a cost-effective alternative to an appraisal. CMA and BPO are largely based on qualitative analysis and deliver ball-park estimates, while an appraisal is defensible and carefully documented. Most importantly, the appraiser must remain independent and impartial, with no bias or vested interest in the property value, unlike the real estate agent.

Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

A process of evaluating real property, involving an appraiser’s knowledge, experience, and professional judgment, that leads to an opinion of value. Most appraisals are in writing, although in certain circumstances, an appraiser may provide an oral appraisal. Users of appraisals include lenders; attorneys; CPAs; and individuals who own, manage, sell, and invest in real estate.

The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real property. Through extensive knowledge, experience, and impartiality, appraisers bring trust to the transaction and help their clients make decisions with regard to real property.

States require appraisers to be state licensed or certified in order to provide appraisals. In order to obtain a license or certification, an appraiser must fulfill rigorous education and experience requirements. He or she must also adhere to industry standards and a professional code of ethics.

Appraisers formulate an opinion of value based on one or more of the following:

1) the value indicated by recent sales of comparable properties;
2) the current cost of reproducing or replacing a building or buildings; and
3) the value indicated by a property’s ability to generate income.

There are two types of report formats that are typically used. An Appraisal Report format is the standard reporting option that states and summarizes the data, reasoning, and analyses that were used in the appraisal process. The Appraisal Report format is appropriate for most scenarios.

A Restricted Appraisal Report is an abbreviated report containing an extremely limited amount of detail, and it may not be fully understood without the workfile that is retained by the appraiser. Moreover, only the client may utilize the report, and there can be no additional intended users of the report such as an accountant or attorney. However, if a detailed report is not necessary, and the client will be the only user of the report, the Restricted Appraisal Report may be a cost-effective option, as an appraiser can complete this report in a shorter amount of time compared to a full Appraisal Report.

Appraisal Institute designated appraisers must satisfy rigorous educational requirements, must regularly enroll in continuing education programs, have considerable professional experience, and are required to adhere to strict standards and ethics of professional practice, all of which exceed those required by state or federal law.

There are several Appraisal Institute designations an appraiser can earn: the MAI designation is for appraisers who are experienced in the valuation of commercial, industrial, residential and other types of properties. The SRA designation is held by appraisers who are experienced in the analysis and valuation of residential real property. The AI-GRS designation is held by appraisers who are experienced in general appraisal review, while the AI-RRS designation is held by appraisers who are experienced in residential appraisal review.

There is a wide range of commercial property types and assignment conditions. Depending on the reporting format used and the overall the complexity of the assignment, an appraisal can take anywhere from several days to weeks or even months to complete. The cost typically ranges from $2,000 to $5,000 for most appraisals, but can be higher for very complex and/or special use properties. Contact us to get an accurate quote for your property.

The appraiser obtains necessary information from a variety of data sources, including, but not limited to: data vendors such as CoStar, the local Multiple Listing Service, county assessor records, local real estate professionals, interviews with sellers and buyers, and data contained in the appraiser’s previous appraisals.

Although the appraiser routinely performs a property inspection during the appraisal process, he or she is not an inspector. A home inspector looks at a property in detail and examines virtually every accessible part. However, the purpose of the inspection done by the appraiser is to get a general idea of the property and its features that affect market value, including measuring the building to obtain the square footage, and the appraiser usually addresses conditions that are apparent or observable. Unlike a home inspector, the appraiser typical does not test mechanical systems and major appliances.

An appraisal is an unbiased opinion of value by a licensed or certified appraiser based on and supported by factual data. Both the CMA and BPO are typically performed by a real estate agent, with the CMA primarily prepared for a property owner for the purpose of establishing a listing price, while BPO is also occasionally ordered by lenders as a cost-effective alternative to an appraisal. CMA and BPO are largely based on qualitative analysis and deliver ball-park estimates, while an appraisal is defensible and carefully documented. Most importantly, the appraiser must remain independent and impartial, with no bias or vested interest in the property value, unlike the real estate agent.

Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.