The Stanhope Group, a real estate appraisal and consulting firm established in 1967, today provides appraisal valuation, consulting and litigation support services to government agencies, financial institutions, members of the Bar, financial planners and businesses. These services are provided by associates certified to practice in all northern New England states. Valuation consulting services and litigation support services have been provided nationally and internationally. Specialty areas include mortgage banking, industrial and commercial real estate, vacant lots and large land parcels, easements and diminution in value studies.
· Single and multifamily properties
· Retail and office properties
· Special use properties
· Manufacturing and warehouse properties
· Temporary and permanent easements
· Conservation easements
· Ad valorem assessment appeals
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 its improvements. The appraisal must address all of the forces that exist in the property’s market that creates or diminishes value. Not the least of which is what the most profitable use of the property is.
An analysis of the property’s market data includes:
· What have competing properties sold or been listed for
· What can vacant lots be purchased for
· What would be the cost to construct the subject’s improvements
· Does the property have income potential that the market would recognize
Finally, appraisal conclusions are communicated either orally, by written appraisal or restricted use appraisal. The appraisal process and reporting are completed in accordance with the Uniform Standard of Professional Appraisal Practice.