THE APPRAISAL PROCESS
The appraisal starts with an on-site inspection of the property to be appraised. Information that is relevant, such as size, markings, condition, etc., is gathered and photographs of the property are taken. Based on this detailed description each item is identified and then researched to find other identical or similar items that have been sold.
The client is then provided with a written appraisal in accordance with professional ethics and standards. All appraisals are in compliance with the American Society of Appraisers (ASA) standards and USPAP (Uniform Standards of Professional Appraisal Practice). We apply the most appropriate type of value for the inteded use of the appraisal. Types of valuation generally used in appraising are Fair Market Value, Replacement Value and Liquidation Value.
The final document will provide a clear and concise explanation for the report and will include date of effective value, location and date of property inspection, and acknowledge that there is no fiduciary financial interest in the property. Along with a detailed description of the property the report will include photographs of each item, a narative, the assigned value of each item, and the appraisers credentials.