Appraisal of Property
The appraisal process consists of several steps. Having an idea of
what is involved in appraising a piece of property can greatly help you maximize the appraised value and avoid costly details and reinspections.
The following are the major steps in the sequence normally followed
by appraisers:
- Research the property in question as to size, square footage, bedrooms, baths and year built.
- Research local comparable properties. The appraiser will locate at least three homes that have similar square footage, are within a one mile radius, and have sold within the last six months.
- Conduct a field inspection of the subject property.
- Conduct a field inspection of exterior of the selected comparable properties.
After the field inspection has been completed, the appraiser must determine a final estimated value. This form of estimating value is called the Direct Sales Comparison Approach to Value, and it accounts for nearly all of the considerations in determining the value of single family homes.
