Real Estate Appraisal FAQ

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 about appraisal in Hampton Roads 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 opinion of value of the property and how that value was interpreted.
The date the appraisal takes effect.

Who hires an appraiser?

The characteristics of the property including, location, physical features, permanently installed items, legal attributes, and 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.

How do appraiser 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?

How do appraisers get information?

The data used in an appraisal report 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 certified appraisers must meet extensive requirements. Including all applicable standards of The Uniform Standards of Professional Appraisal Practice (USPAP).