Types of Property I Specialize In:
Single Family
2-4 Unit Multi Family
Vacant Land
Condominium Units
Plans and Specifications for proposed structures
Manufactured Dwellings
How it Works:
Schedule & Complete Walk Through
The appraisal process begins with a detailed inspection of the property including taking measurements and photos. All renovations and updates need to be noted. Remember I will not be looking at decor or anything that is not affixed to the property! The appraisal inspection typically takes thirty minutes to an hour to complete depending on the type and size of the home and/or the type of loan being utilized.
Collect & Analyze Data
I use three approaches to assess value:
Sales Comparison – Compares your property to similar homes that have recently sold, adjusting for any differences in size, amenities, etc.
Cost Approach – Values a property by determining what it would cost to replace the improvements, subtracting any deterioration or depreciation from that, and then adding the value of the site.
Income Approach: Estimates what an investor would pay for a property based on the income it produces.
Final Value Estimate
Finally, I reconcile the information collected and analyzed. Since the three approaches will not give the same exact value, I must review the quantity of the data available, the quality of the data analyzed and the suitability of the approaches used to develop the most accurate final value estimate.
Typically it takes 7 to 10 business days to complete an appraisal from the time it is ordered, depending on access to the property as well as the appraiser’s workload. As with any industry, an appraiser’s workload will fluctuate throughout the year.