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The Appraisal Process

If you are not sure you need an appraisal, it may be helpful to understand the process followed in the preparation of an appraisal.

The valuation problem is first defined. This includes identifying the real estate, why it is being appraised, what the appraisal will be used for and how comprehensive an appraisal is necessary. Consumers of real estate appraisals have varying needs and the degree of preciseness is addressed in the scope of work and any limitations placed upon it.

Once the problem is defined, the research begins. This involves much more than simply inspecting the site and it's improvements. The appraisal must address all of the forces that exist in the property's market that create or diminish value. Not the least of which is what is the most profitable use of the property.

Finally, an analysis of the property's market data including:

The appraiser reconciles all of this in forming an opinion as to the estimated market value or another defined value. This process is defined by the Scope of Work required to develop credible assignment results in addressing the problem to be solved. It may be limited in scope being completed in days or be more exhaustive and take a more extended period of time. The conclusions are then reported in one of a variety of formats dictated by the client's needs. The appraisal processes and reports prepared by this firm are completed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP).