Appraisal Overview

It's critical that you choose an appraisal firm that takes the time to devote to analyzing all of the pertinent appraisal factors as they relate to your property. This is not just number crunching - it requires an intimate knowledge of sources of information, an understanding of trends in the market, a thoroughness of approach and a dedication to communicating clearly.

An appraisal is a detailed analysis of all the factors that determine the value of a property including:

Location
Condition
Size
Proximity to facilities
Comparable properties

To determine comparable properties, an appraisal typically includes a review of:

Sales of similar properties nearby
Recent tax assessments
Replacement Cost (also called the "cost of rebuilding")

At the completion of an appraisal, you can expect a comprehensive report that details the above information in a format acceptable to you and your lender or other interested financial institution.