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The appraisal is the whole process of valuing the house.
- First, research is developed, to find out the legal records, size of the lot, home owner dues, location, age, and features of the subject property.
- Then more research is needed to find similar properties that have recently sold, or are currently on the market. These are then evaluated to provide a background awareness of the area.
- The appraiser then schedules an inspection, to measure and record the size and features of the property. We typically take pictures of the front and back of the house and one of the street that is located on. Often we take photos of the interior features, including the living room fireplace, kitchen appliances, a typical bath, pool, spa, views, stables, etc. This usually takes from 30 to 90 minutes. Recent sales and current listings of similar properties from the neighborhood are then evaluated from the street, without an interior inspection, and pictures of them are taken from the street.
- The appraiser takes these pictures, his sketch, and the other information, and develops a report from his office. This is the most important part, as all his experience and judgment is necessary to produce a clear, well organized document that the family, the lenders, or the courts will accept as the best estimate of current (or historical) market value.
- The final document includes approximately 20 pages, and it also includes color photos of the subject and the similar properties. It is then delivered to the client, often personally, For out of town clients, the overnight shipping resources are used. The whole process usually takes about a week, although special rush orders can often b e done in a day or two.