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Laura Chang
MBA, REALTOR®
MBA, REALTOR®
Appraisal of Property
The appraisal process consists of several steps. Having an idea of what is involved in appraising a piece of property can greatly help you
maximize the appraised value and avoid costly details and re-inspections.
The following are the major steps in the sequence normally followed by appraisers:
The subject inspection consists of taking photos of the street and exterior of the home. The appraiser will inspect the home interior for condition,
nothing any items that would detract from or add to the value of the home. He or she will also draw a floor plan of the home while doing the
inspection. Comparable properties inspection is limited to home exteriors.
After the field inspection has been completed, the appraiser must determined a final estimated value. This form of estimating value is called the
Direct Sales Comparison Approach to Value, and it accounts for nearly all of the considerations in determining the value of single family homes.
The appraisal process consists of several steps. Having an idea of what is involved in appraising a piece of property can greatly help you
maximize the appraised value and avoid costly details and re-inspections.
The following are the major steps in the sequence normally followed by appraisers:
- Research the property in question as to size, square footage, bedrooms, baths, and year built.
- Research local comparable properties. The appraiser will locate at least three homes that have similar square footage, are within a one mile
radius, and have sold within the last six months. - Conduct a field inspection of the subject property.
- Conduct a field inspection of the exterior of the selected comparable properties.
The subject inspection consists of taking photos of the street and exterior of the home. The appraiser will inspect the home interior for condition,
nothing any items that would detract from or add to the value of the home. He or she will also draw a floor plan of the home while doing the
inspection. Comparable properties inspection is limited to home exteriors.
After the field inspection has been completed, the appraiser must determined a final estimated value. This form of estimating value is called the
Direct Sales Comparison Approach to Value, and it accounts for nearly all of the considerations in determining the value of single family homes.
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949.394.4535
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949.394.4535