What Is An Appraisal?
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For Sale
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4 bedrooms 3 baths 2 car garage
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Plan Your Property Transactions Carefully For the seller, target your market For the buyer, do your homework - research |
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334 Redfeather Ln |
Price: $60,000 |
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| Contact: Faye Brewer 256-883-2400 |
If it looks too good to be true, it probably isn't | ||
"The appraisal process has been defined as a 'systematic analysis of the factors that bear upon the value of real estate.'1 Within this process, information is gathered and reported in three methods or approaches: 1) direct sales comparison, 2) income or capitalization, and 3) cost."1
"The final value estimate on the property is based on the interests being valued, e.g., fee simple, etc., and the final reconciliation of the estimates developed from the three approaches."1 The final value estimate is not an average of the three approaches.
"While each of these approaches presents a unique set of criteria which must be analyzed, the commonality that they all share is that each is market driven. As such, in order to develop the value estimate, sufficient market data must be available to allow a complete analysis to be accomplished. Without sufficient data, the evaluator is restricted in the types of approaches which can be utilized on a given property."1
The states recognize several certification levels. Each certification level carries a requirement for specific amounts of experience /formal training.
1Residential Seminar Workbook, Student Edition, Marshall & Swift, The Building Cost People, p. 1-1.