What is an appraisal ?
An appraisal is a process that the appraiser uses to obtain a just and fair valuation or opinion of value of personal or real property . Appraisal of real estate is not a science but an orderly procedure for estimating the value of real property using two or three of the common approaches of value .
The approaches of value are :
The Sales Comparison Approach - which involves making a comparison to the other similar , nearby properties which have recently sold , the sales Comparison Approach is also considered the best indicator of value .
The Cost Approach , is what it would cost to replace the improvements , not reproduce the improvements . The Cost Approach also takes into consideration , the physical depreciation and other factors including site value .
The Income Approach, which is typically used when appraising income producing properties , rental houses for example and area market rents are developed for a market rent.
Combining information from all approaches that are developed is called reconciliation , the appraiser is then ready to form an opinion of value for the estimated market value for the subject property being appraised .
Why do I need an appraiser?
The purchase, sale or refinance of a home is one of the largest financial transactions most people will make in their lives , and often involves strong emotional attachments and preferences . It is important that each of the parties involved believes that they are engaged in a fair and equitable transaction . The involvement of the appraiser as an independent , disinterested professional helps to ensure that the home is really worth the market value .
Barngrover Appraisal Service provides to our customers appraisal reports performed to the highest ethical standards possible and abide by the strict industry code of ethics and comply with the national standards of practice for real estate appraisals . The rules for developing an appraisal and reporting the results are ensured by the enforcement of the Uniform Standards of Professional Appraisal Practice ( USPAP ) and also with the State of Florida Department of Professional Business Practice including the State of Florida Appraisal Board.
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