Frequently asked questions:

When to hire an appraiser?

For any mortgage and real estate transaction
When applying for a loan against a property
For a tax assessment to reduce property taxes or to dispute improperly assessed taxes
To settle an estate
To determine the property value when selling your home
To assist you with buying a home at a fair market price
To settle legal disputes

For answers to your questions please call us for more information.

What is in an appraisal report?

Depending on the type of report an appraisal contains:

The precise purpose of the appraisal and the client’s objectives for the appraisal.
The reported value of the property and how that value was interpreted.
The date the appraisal takes effect.
The characteristics of the property including, location, physical features, permanently installed items, legal attributes, and all facets that affect the valuation including, economic factors property rights and any known defects, restrictions, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature.

Who hires an appraiser?

Appraisers are frequently hired by lenders to establish the market value of a property for a loan transaction to ensure that the property is valued in the amount of the requested loan. Lawyers and accountants frequently hire appraisers to help determine property values in the course of divorce and estate settlements.

Real estate appraisal vs Home inspection?

Appraisers do not provide a home inspection but performs a third party investigation of all accessible facets of a property including structure and amenities, from roof to foundation and surrounding areas for the purposes of determining its estimated value on the open market.

How do appraisers get information?

The data used in an appraisal report can be what is termed “Specific” or “General” and is gathered from Multiple Listing Services (MLS), tax records, and a range of other public documents and records. The appraiser compiles the data and comparative studies in combination with additional standard methods of analysis.

What standards must an appraiser follow?

All Property Evaluation Services, Inc. appraisers must ensure that the following items are covered:

Proper analysis and inclusion of all reported information.
That no major errors of omission or commission were committed by an individual or group.
That all appraisal services were carried out in a meticulous and non discriminating manner.
That the final report is easy to understand, complete and not easily disputed.