Your Real Estate Appraisal
What to Expect & How to Prepare
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What is a real estate appraisal?
Real estate appraisers develop informed, independent opinions of value for a variety of property types. Appraisal Reports are developed in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP), and are a summation of the Appraiser's research, analysis, and value conclusions.
How is real estate valued?
Valuations are typically guided by the type of property or intended use of the appraisal. All appraisals, however, consider the three approaches to value:
Click any of the links above for more detail on each approach.
What should I expect during the appraisal process?
Throughout the appraisal process, you can expect the Appraiser to inspect, measure, photograph, and ask questions about the subject property. The Appraiser will ask you to provide any relevant information, including income statements, construction budgets, and construction plans to assist in their valuation.
Depending on the scope of your appraisal, you can expect the Appraiser to provide an Appraisal Report or Restricted Use Appraisal Report following the conclusion of their research. An Appraisal Report is best suited for litigation, bank financing, or eminent domain because of its detailed analysis and summation of the data and conclusions. A Restricted Use Appraisal Report, which states the Appraiser's conclusions and includes significantly less data, is best suited for property owners looking for the value of their property. Both types of reports require the same amount of research and record-keeping. The Appraiser will help you determine which type of report suits your needs.
How do I prepare for my real estate appraisal?
Communicate with the Appraiser about the inspection date, fee, and terms of the appraisal
Consolidate and organize all relevant documentation to provide the Appraiser
Notify any tenants / occupants in advance of the Appraiser's visit
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