Real estate appraisal is the practice of developing an opinion of the value of real property, which is usually equal to its market value. An appraisal is a professional appraiser’s opinion of value.
To prepare an appraisal, the appraiser needs to research the particular market area then gather and analyze the information available. Appraisers must use their knowledge, experience and professional judgment in formulating a final opinion of value.
The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property—providing assistance to those who own, manage, sell, invest in, and/or lend money on the security of real estate. Appraisals may be required for any type of property, including single-family homes, apartment buildings and condominiums, office buildings, shopping centers, industrial sites, and farms.
The reasons for performing a real property appraisal vary. They are usually required whenever real property is sold, mortgaged, taxed, insured, or developed. For example, appraisals are prepared for:
- Mortgage lending purposes
- Tax assessments and appeals of assessments
- Negotiation between buyers and sellers
- Government acquisition of private property for public use
- Business mergers or dissolutions
- Lease negotiations
- Estate planning / Trusts
- Divorce
- For Sale By Owner to help set a fair price
An appraisal is still just an opinion! It is an educated opinion, but the point remains that it is still one professional’s opinion. Currently there are more than 90,000 appraisers in the United States.
At Schuylkill Appraisal Services & The Appraisal Shop, Vicki Troutman is our Certified Residential Appraiser. She can handle all of your Schuylkill County appraisal needs, residential from 1-4 units.
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