Our products are residential appraisal reports by licensed Real Estate Appraisers. They are developed using standard appraisal practices and adhere to the Uniform Standards of Professional Appraisal Practice (USPAP), the industry standard. For most purposes they will provide an estimate of market value but can be used to estimate the likely selling price (for foreclosures or quick sales). The reports are based on what is called the Sales Comparison Approach is used on all reports. This uses at least 3 recent closed sales and 1 or more current listing or Pending Sale to establish the value. We do not use the Cost approach (adds land value to depreciated value of building) or the Income approach (sets value based on the income potential of the property) unless requested. Income Approach is most useful with income property and cost approach is most useful with new construction.
The PERSONAL APPRAISAL®
This is our primary report. We research tax records and MLS listings then inspect the property inside and out and do a curbside inspection of the closed sales used in the report. The report is generally ready 48-72 hours after the inspection and is delivered by email. Some of this is customized based on the purpose of the report.
For instance, we may not be able to get access to the interior when doing a report for a buyer of the property. In that case we will try to use MLS interior photos or other sources if available.
VALUCHEK® is a unique offering for those properties we have appraised in the past 3 years. Because we have the details of the property in our records (sketch, photos, etc) we can develop a report without an appointment to see the interior of the property. All the other aspects of the work are similar to the PERSONAL APPRAISAL®. Because this report uses prior data any additions, damage, or other changes in the property is not considered. Significant variation in any of these can increase/decrease the true value. That is why the report is only available for 3 years after the initial report. VALUCHEK® can be used for the same purpose as a PERSONAL APPRAISAL® but is less expensive and has a faster turnaround.
Exceptions and Exclusions
NOTE: If you are buying a house or refinancing one, the lender will require an appraisal by their own appraiser. We are not able to help here. However, if the value they give is too low (or too high) for your liking contact us about a review of the report. Some companies allow a challenge to the report that we can help with.
These products are not available for commercial property.
These products are designed and priced for single family residences of less than 3500 Sq ft living area or value less than $1 million. Appraisals for larger or more expensive homes are priced slightly higher.
These products generally exclude Coops, leaseholds, multifamily, and vacant lots or farmland. Where we can do coops or multifamily properties we will quote a price for your acceptance.
In cases there may be insufficient information to do a valid value estimate. (lack of good public record data , MLS data, or other causes). If an alternative is available we will recommend it or, if not, we will decline the assignment.
If the property in question is currently in foreclosure, ‘short sale’ or other condition where market value is not appropriate, a ‘most likely sale price’ value will be estimated. For this class of properties we recommend that you use the Personal Appraisal® and specify ‘Forced Sale Estimate’ on the order.