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What is an appraisal?

By
Real Estate Appraiser with Schuylkill Appraisal Services

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. 

Posted by

Schuylkill Appraisal Services

& The Appraisal Shop

300 Mauch Chunk St. A Pottsville PA 17901

570-622-6006

 

Tonia Jordan, Certified Residential Appraiser

 

 

 

 

Kathy Judy
Tri-Cities Real Estate retired - Ontario, OR

One of the best things about my Idaho broker classes was the week spent on appraisal.  I use that information constantly.  The class was taught by an appraiser which was vital 

With the knowledge I got there I can explain to clients that the appraiser is REQUIRED to give a picture of the market as it is.  That if the appraisal comes in high that means that the appraiser couldn't find comparables to meet the low price on the contract, the opposite is also true. 

The appraiser can't change what the market says, they have a legal obligation to report what the market IS. 

The public doesn't have a good understanding of this, maybe some PR work needs to be done.

Dec 28, 2012 06:59 AM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

An appraisal is the opinion of the person doing the appraisial right.

Dec 28, 2012 08:37 AM