Property Appraisals

Written by Laurie Nichol
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A property appraisal is an assessment of that property's monetary values--in general as well as in extreme detail. These appraisals can give you the fair market value for a residential home only--to have industrial properties or vacant land appraised is another matter entirely. When preparing to have a property appraised, you should know various aspects of this seemingly-complicated process.

Demystifying the Property Appraisal Process

The reason that these documents are such formal, legitimate reports is because they must follow rigid standards set by the Appraisal Institute and follow various banking laws. For a less formal and far more affordable report based on the exact same information, one can consult an online appraisal service, and receive the same level of quality data. This is an excellent way to determine a property's value.

Real estate agents and brokers often give their clients a comparative market analysis on a property, which is also informal, but rather unscientific, and should only be used as a guessing tool. These will let you know a wide ballpark range of property values in the area and how they relate to the home in question. If you want a more detailed, scientifically compiled report, you'll need to get an automated valuation analysis, such as those provided by the online services.

These analyses are respected reports that can tell you the value of your home, with all the pertinent facts to back up the figures. When getting property appraisals done, you definitely want proof of what you're seeing and hearing about a home. It's important to shop around and search for a service that can promise you the most up to date information and the most reliable data synthesis, and you'll have a document that can help guide you through whatever you're planning on doing with the property.

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