What is an appraisal?
An appraisal is a professional opinion, usually written, of the market value of a property, such as a home whose market price is not easily determined.  The appraiser researches closed sales as well as active and pending listings in the subject market area.  The appraiser then determines based on research, an opinion of market value of the property being appraised.  The appraiser may also determine the construction cost and any income generated by the property.  The appraiser decides if these are indicating factors to the opinion of value for the subject property.  The scope of work for each assignment is based on the type of client and report, as well as, the required methods to follow the Uniform Standards of Professional Appraisal Practice.

What is involved in an appraisal?
The appraiser first determines the scope of work needed for each assignment based on the purpose of the appraisal and the type of client.  The appraiser researches the property being appraised, public data, any recent sales or listings of the property to determine if they are relevant information.  The Appraiser then determines the applicable approaches to value and type of report required.

How is an appraisal different from a home inspection?
An appraisal is professional opinion of value arrived at by a walk through view of the home, in come cases can be based on an exterior view.  The appraiser researches the market to see what other similar properties are selling for in the market area.  An appraisal is not intended to be a technical inspection of the mechanical and building systems.  A home inspector has the expertise to evaluate the home condition from top to bottom, i.e. roof plumbing, electrical and heating systems.

Why would I need an appraisal?
- To secure a loan
- To lower real estate taxes
- To settle an estate, estate planning, divorce or litigation
- To eliminate PMI from a loan