General

The main purpose of an appraisal report is to let the reader know the value of the real estate in question, and depending on the scope of the report, one will customarily see the following: Who engaged the appraiser and whose purposes the appraisal is to serve. The intended use of the report. The purpose of the appraisal. Precisely what “value” attribute is being reported and what that value means. The effective date of the appraiser’s opinions and conclusions.(Sometimes this is in the past or maybe the future for new construction!) Characteristics of the property that have a bearing on

All a CMA does is generate a “ball park figure.” An appraisal delivers a carefully documented opinion of value. But the largest difference is who’s creating the report. Real estate agents produce CMA’s, and they don’t always know the whole market or have specific competence when it comes to home valuation. A certified, licensed professional who made their livelihood on valuing properties is behind the appraisal. Likewise, the agent has something at stake since they get a commission based on the property’s selling price whereas the appraiser is bound by a code of ethics to collect only a previously agreed

Home inspectors do not produce an opinion of value and do not use the same forms as appraisers. An inspection is a third-party investigation of the accessible structure and systems of a house, from the top to the foundation. For the most part, a home inspection report will explain the amenities and the requirements of the property: air conditioning (weather permitting), electrical systems, the condition of the heating system, the plumbing; then the structural integrity of the home such as the attic, visible insulation, walls, floors, ceilings, windows, then the foundation, basement and visible structures.

There are a lot of reasons to obtain an appraisal from Home Appraisals, Inc. with the most common reason being real estate and mortgage transactions. A few other reasons for getting an appraisal include: To get a loan. To lower your tax burden. To help a homeowner realize if they owe less than 80% of their home’s value and remove PMI. To fight high property taxes. If you need to settle an estate. To offer you an edge when purchasing a home. To determine a reasonable price when selling real estate. To ensure parties are provided just compensation in eminient

An appraiser forumlates a fair and credible opinion of market value, in the support of real property transactions. Appraisers present their conclusions in appraisal reports.

An appraiser performs an evaluation that produces an opinion of value. There are three “common approaches to value” which helps the appraiser arrive at this opinion or valuation. The Cost Approach is one of the methods that real estate appraisers use to find the value of a home; it involves finding what the improvements would cost minus physical deterioration, adding the land value. Easily the most common approach in finding the value of a home is the Sales Comparison Approach which concerns concluding a comparison to comparable homes nearby. Being the most popular approach, the Sales Comparison Approach is considered