Determining The Market Value of a Property With The Appraisal

The appraisal is important while buying or selling any property as it means in determining the Fair Market Value of that property. This is what helps in deciding its listing value. But an appraisal is only effective when conducted by an experienced appraiser like Naftali Horowitz, who knows the best ways about how the appraisal management is done. There are several steps which the appraiser must follow while doing the appraisal management for any property. Here are some specific steps to follow:

Prior to visiting the property

1. Pull the detailed data about the property which is to be appraised.
2. Indulging into the research work about the active, pending and even the closed sales in the neighborhood for around the last six months.
3. Working on the comparables. It is about finding the details of the properties in the neighborhood which is similar to the property to be appraised.

At the property

The work of an appraiser at the property begins with the research work of the general data associated with the neighborhood. Naftali Horowitz is an appraiser who is really active with all the work to be done at the property regarding the appraisal. Here are the steps which a good appraiser needs to follow to find the accurate value of the property:

1. Click the photos of the exteriors of the house and perform the measurement too.
2. Take the interior photos of every room including kitchen, hall, and fireplace too.
3. Appraisals even drive through the neighborhood and then take pictures of the comparable sales.
4. Evaluate the type of material used in the construction to check if the quality used is appropriate or not.

After visiting the property

1. Pull the market data associated with comparable sales and then begin with the reporting process.
2. Check the photos properly to pick out if there’s any kind of defect or damage to the property which might affect its value. The damage could be interior and even the exterior one.
3. Confirm the legal description of the property.
4. Work on the sales comparison approach to compare the property with the other similar properties and find out the possible value that the property can have.
5. Further, the appraisers also have to make adjustments to the comparable properties to account for additional or less square footage, extra bathrooms, etc.
6. Work on the cost approach for arriving at an additional value determination.

These are the most common steps which any appraiser must have to follow for evaluating the true value for any property for the clients who are looking forward to buying or sell that property. The experienced appraiser can provide the best assistance by analyzing all the aspect and then reaching a value.

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Created on Apr 24th 2019 03:15. Viewed 549 times.

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