WHAT IS AN APPRAISAL / VALUATION?

An appraisal /valuation is the art and or science of estimating values of an interest in property for a specific purpose and at a specific time. It takes into account all the features of the property and considers all economic factors.  Appraisal / Valuations are for varying purposes. Some of these are:

1. Mortgages
2. Purchase
3. Statutory
4. Probates (wills)
5. Peril Insurance coverage
6. Financial (balance sheet etc.)
7. Liquidation / Insolvency; among others

SOME FEATURES OF AN APPRAISAL /VALUATION

Subject Property Background Data

• Legal Description
• Property History
• Zoning and Land Use
• Assessment and Taxes

Demographic and Economic Area Analysis

• Neighborhood Data

Subject Site Data

• Size
• Topography
• Drainage
• Foliage
• Soil and Subsoil
• Street Improvements
• Utilities and Services
• Photographs of Subject Site Features

Subject Improvement Data

• Type and Description
• Construction Details
• Age and General Condition
• Functional Adequacy
• External Impact
• Conclusion of Improvement Analysis

Appraisal / Valuation Methods

• Break Up Approach
• Comparables Approach
• Cost  Approach
• Income Approach, among others

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