The Appraisal process
The Appraisal Process involves a few key steps:
- Preliminary research based on tax records, prior MLS listings and/or interview with the owner or agents
- Selection of possible comparable properties based on similar/relevant characteristics to the subject property
- Physical inspection/observation of the home (The appraisal inspection is different from a home inspection. The appraisal inspection includes but is not limited to: measurement of the gross living area of the property, photographing the exterior and/or interior of the home, and documenting relevant characteristics.)
- Photographing any relevant comparable properties
- Analyzing the subject property in the report
- Using various approaches to value to determine the subject property's value (Sales Comparison, Cost and Income Approach if applicable)
- Submitting the completed report to the client