The Appraisal Professionals
What's an Appraisal?
Simply defined, an appraisal is an opinion of value of a specific piece of real estate, or real property, as of a specific point in time.
Appraisals most often reflect market conditions of the current market, such as when an actual property inspection is made. But it's not uncommon for an appraiser to be requested to perform an appraisal reflecting market conditions of prior date in time either. Actually, that happens quite frequently when we perform estate appraisals.
The appraisal report
differs from the appraisal
as it is only a part of the overall appraisal process. The majority of information that we gather about a given property is retained in the appraiser's workfile and a document called the appraisal report
is what's actually delivered to the client for their exclusive use. This is done because it's simply cost and time prohibitive to transfer all of an appraiser's knowledge, analysis and data about a given property to the client.
Most appraisal reports are computer generated form reports produced in standard, nationally accepted formats. This allows a clients on the West Coast, for example, to be able to understand properties in Massachusetts or New Hampshire in the same familiar design. Longer narrative appraisal reports are also utilized depending upon the circumstances.
Form appraisal reports are usually 10 to 20 pages in length and contain color photographs of the property that is appraised and comparable sales along with an interior sketch plan and location map. This of course is in addition to all of the property's pertinent data and analysis.