An appraiser performs an appraisal by evaluating the subject property’s characteristics,
such as its location, size, condition, and recent selling prices of comparable properties
within the area. The process typically starts with the appraiser conducting a physical
inspection of the property by measuring the improvements, taking photographs and
notes.
After conducting the inspection, the appraiser analyzes the property’s condition,
location, and other relevant factors based on their expertise, experience, and market
knowledge to determine the property’s market value. The appraiser then prepares a
written report that explains the property’s value and the reasoning for the valuation.
Additionally, the report will include any factors that might affect the property value, such
as necessary repairs, environmental concerns, and local market trends.
To ensure accuracy and a reliable valuation, appraisers must adhere to appraisal
industry standards set by the Appraisal Foundation. They are required to be objective,
impartial, and independent in their analysis and ensure that their appraisal aligns with
the Uniform Standards of Professional Appraisal Practice (USPAP).
Appraisals can be done with a current market value or back in time. They are completed
for many different reasons. Please contact me if you have any questions about this
process.