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Answers
- Depends on the type of property, type of report, location, scope of work and purpose. Please see our
fee schedule page.
- For residential properties, reports can typically be competed within 2 to 3 days after the property is viewed. This is providing there are no outside sources such as HOA’s, town officials or other data sources which can not be contacted immediately and depending on the complexity of the appraisal assignment.
- Appraisal Authority can appraise nearly any type of property. We appraise: Residential single family Condominium / Co-Operatives Two to four unit residential properties Apartment building 5+ units Commercial properties Commercial / Residential, Mixed use properties Industrial properties Vacant land Farm land Special use properties
- The differences are as follows:
An AVM is an Automated Valuation Model. These automated systems take sales in a geographic area or specified radius of a property and average the sales prices. The problem is the data may be old and/or recent data may not be available by the system, it is unknown if property sales are comparable to the subject property and if they are even usable arm’s length transactions.
A BPO is a Broker Price Opinion. These are brief form reports which are done by real estate agents/brokers. Usually more accurate then an AVM since the agent is suppose to select comparable properties to the subject property. However they do not adjust for differences between the comparable properties and the subject and are NOT an appraisal. A BPO is usually done by real estate agents in hope of obtaining the listing to sell the property on a foreclosed or pre-foreclosed property. This process is similar to a CMA -
Competitive Market Analysis, which a real estate agent completes to obtain a listing from a home owner directly.
An appraisal is completed by a state licensed or certified appraiser. Comparable properties are selected based on location, style, size and features. Adjustments are made for the differences between the comparable properties to arrive at an adjusted sales price. An appraiser uses at minimum 3 sales and may include more sales, pending sales or active listings to support the final value conclusion.
- No. There are many reasons why appraisers should not do a “comp check”.
- USPAP - If a value or value range is given, the appraiser must
create a work file comply with regulated record keeping requirements.
- Not accurate. Even if a full description were to be provided of the
property, there are still too many unknown aspects which may affect
the value. No consideration is given to potential adjustments for
features or market conditions.
- The work of researching the correct comps in the appraisal process
is most time consuming portion of the appraisal assignment. In some
market areas, research parameters need to be expanded in
distance, time, style, etc..
In order to know what a property is worth, the appraiser must view the
subject property, know the full scope of work of the assignment, compile
all relevant data, make appropriate adjustments and come to a final
conclusion based on all factors which may impact value in a given market.
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