Appraisal Services
Whether you’re buying, selling or refinancing your property or luxury belongings, an appraisal is a must. An appraisal determines the estimated market value of a home or other property and is used as collateral for loans and to help with tax deductions.
Appraisal services are based on a variety of factors including location, age, size and amenities of the property and comparable homes in the area, or “comps.” Also, market trends, the cost to build similar properties from the ground up and other factors are considered. The ability to understand and explain all these factors is vital for this profession, along with strong verbal communication skills.
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Besides assessing the market data and valuation methods of an existing appraisal, appraisal review services provide a second opinion on the original report. They can be done in a variety of ways, from a field review to a desk review. They are intended to guarantee compliance with federal and state regulations, like USPAP (Uniform Standards of Professional Appraisal Practice) and act as a double-check on the market data analysis and value estimate. Different types of reviews, such as form, desk, and full reviews, cater to the client’s specific needs, but they must still be in line with USPAP requirements and industry knowledge.