A real estate appraisal provides for a thorough physical inspection of the property, a review of the market including sales and listing data to form a final estimate or opinion of market value.

Real estate for most people is the most important acquisition an individual makes in their lifetime.  There are many situations in which it is vital to know the value of a property:

• To estimate the current value of property being bought or sold
• To obtain a loan
• To aid in investment and business decisions
• To properly measure property tax assessments, capital gains and other taxes
• To establish just compensation for condemnation
• To serve as a basis for equitable settlements of estates and property in litigation
• To estimate value for insurance claims or coverage

An appraiser may be hired by a company or institution to perform any of these duties, but you can also hire an appraiser independently to give you an objective opinion on any of these subjects.

In today's market of rising home values and limited inventory it is essential to obtain an appraisal before buying any property.  When you make an investment you want all the facts.  Buying a home is more than securing a mortgage, it is an investment by you affecting your family's future.

Real Estate brokers represent the seller. Unless you are working with a buyer broker it is the Real Estate Brokers job to obtain the highest price possible for the home. They do not represent your best interest. They must represent the interests of the seller.

From Innovative Real Estate Solutions you will receive objective, unbiased information about the property and market in which you are planning to buy. You will receive its current value and an indication of its future marketability as well, so as to minimize your risk.  

We determine the physical characteristics of the property to be appraised and estimate value based upon three common approaches to value:

• Sales Comparison Market Approach
• Cost Approach
• Income Capitalization Approach

Before you list your home for sale you should know what it is worth. If it is listed too high it may take longer to sell, or perhaps not sell at all; which can be frustrating.  Remember a competitive list price, based on an accurate value estimate will have the greatest influence on your expedited marketing period.  An Appraisal will provide you with an unbiased opinion of value.  Real Estate Brokers have a vested interest in obtaining your listing.

How Long Does an Appraisal Take?

The physical inspection of a typical property usually takes about twenty to forty-five minutes. Sometimes an inspection can take longer if the house is difficult to measure or has some unique features that require additional investigation by the appraiser.

After the initial inspection of the property the appraiser spends time examining or analyzing the neighborhood or area.  The purpose of this is to search for other properties that are similar to the property being appraised that have sold recently and examine neighborhood influences. When the fieldwork is finished, the appraiser completes the report at his office.

What the Appraiser Needs to Know

To help the appraiser complete the appraisal, the owner, purchaser or Realtor can provide some information that is helpful to the appraiser.  Please tell the appraiser of any previous sale on the property within the last 3 years.  Indicate if there is a pending contract to purchase on the property.  Does the property have any right of way or other easements?  Is there structural damage, or water leakage in the house?  Is the property in a flood zone?  Basically, inform the appraiser about any hidden features or detriments to the property.  If it is an income producing property, provide a breakdown of income and expenses for the last year or two and a copy of leases.  Other helpful information includes a copy of the deed, real estate tax bill, statement of special assessments, survey, purchase agreement or other pertinent papers pertaining to the property.

We also can recommend any inexpensive repairs or improvements that might enhance your property's appeal.

Please contact us for additional information:
Telephone: (800) 616-6851
E-mail: appraisal@ValuXpress.com

Thank you for making an inquiry at Innovative Real Estate Solutions

Innovative Real Estate Solutions specializing in real estate appraisals, valuations, and consulting.