Real estate appraisal or property valuation is the process of determining the value of real property on the basis of the highest and the best use of the property, meaning that it is the process of determining the fair market value of a given property. The person who performs a real estate appraisal is called the real estate appraiser or property valuation specialist. The value, as determined by a real estate appraisal is the fair market value, and could be done using various methods.
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Real estate appraisals value are completed pursuant to specific requests by the people or entities that order them. For example, a real estate appraisal order may be placed by a lender (most popular) for mortgage financing purposes; by an attorney for estate settlement or divorce case; by a municipality for determining tax rates or for a number of different reasons; but the underlying reason for requesting a real estate appraisal is to determine the property value.
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A real estate appraisal may at times assign 2 different values to the same property, an improved ( also referred to as after repaired value) and an "as is" value; or the same property or one similar might be assigned one value in a residential zone and a different value in a commercial zone. However, the value assigned as a result of real estate appraisal might not be the value that a real estate investor would consider when evaluating the property for investment.
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In fact, a real estate investor might completely ignore the value that comes out of real estate appraisal process and do an independent evaluation which satisfies a different purpose, although this type of evaluation would not be deemed certified or official by anyone except the investor and possibly those employed by that investor. The investor's objective is obviously to buy low and sell high so ultimately the interests being protected is his/her own and any appraisal accepted by that investor would have to meet those objectives.
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A good real estate appraiser would evaluate the property on the basis of property construction, property size (square footage) and comparable values (what other properties in the immediate area have sold for within the last three to six months). Additional data taken into consideration by a good real estate appraiser might be, developments going on in the community, property easements, recent improvements, and reasonable access (example, paved roads, highways) and DOM (days on market), plus a number of other considerations. The business of real estate appraising is very much an integral part of the real estate business and as such requires licensing and certification of active real estate appraisal professionals.
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Shop at Amazon!
Real estate appraisals value are completed pursuant to specific requests by the people or entities that order them. For example, a real estate appraisal order may be placed by a lender (most popular) for mortgage financing purposes; by an attorney for estate settlement or divorce case; by a municipality for determining tax rates or for a number of different reasons; but the underlying reason for requesting a real estate appraisal is to determine the property value.
Networking skills and techniques
A real estate appraisal may at times assign 2 different values to the same property, an improved ( also referred to as after repaired value) and an "as is" value; or the same property or one similar might be assigned one value in a residential zone and a different value in a commercial zone. However, the value assigned as a result of real estate appraisal might not be the value that a real estate investor would consider when evaluating the property for investment.
One-on-one marketing growth coaching
In fact, a real estate investor might completely ignore the value that comes out of real estate appraisal process and do an independent evaluation which satisfies a different purpose, although this type of evaluation would not be deemed certified or official by anyone except the investor and possibly those employed by that investor. The investor's objective is obviously to buy low and sell high so ultimately the interests being protected is his/her own and any appraisal accepted by that investor would have to meet those objectives.
Buy and sell real estate from home
A good real estate appraiser would evaluate the property on the basis of property construction, property size (square footage) and comparable values (what other properties in the immediate area have sold for within the last three to six months). Additional data taken into consideration by a good real estate appraiser might be, developments going on in the community, property easements, recent improvements, and reasonable access (example, paved roads, highways) and DOM (days on market), plus a number of other considerations. The business of real estate appraising is very much an integral part of the real estate business and as such requires licensing and certification of active real estate appraisal professionals.
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