is an appraisal?
appraisal is an estimate of market value, prepared on
behalf of a client, based upon actual closed sales in the
market area. In
other words, it is based upon research into factual
evidence of what properties are bringing in the market.
is involved in an appraisal?
appraiser first researches the property being appraised,
including public data, and performs
an inspection of the building to determine size,
condition, and features.
appraiser researches closed sales of similar properties in
the property’s market area, and
performs a comparison to arrive at the market value.
is this different from a home inspection?
appraisal is not intended to be a technical inspection of
mechanical and building systems.
A home inspector has the expertise to evaluate the
home from top to bottom, including
condition of roof, plumbing, heating, and electrical
appraisal is rather an
evaluation of the market, what properties are selling for,
and includes a walk-through of the home to establish
factual data for comparison purposes.
would I need an appraisal?
An appraisal might be required for the following reasons:
to secure a loan
to lower real estate taxes
to eliminate PMI from a loan payment
to settle an estate, divorce, or litigation
to determine equity for real estate portfolio
do I know an appraiser is qualified?
can become licensed or certified by the state in which
they work. This
is achieved by
practical on-the-job experience, and educational
should look for an
appraiser with substantial experience in your geographic
area, who is familiar with the type of property you have.
are 3 classifications of licensing in Ohio: Licensed
Residential and Certified Residential,
both which allow the appraiser to appraise residential
properties; and Certified General, which allows the
appraiser to appraise any type of real estate.
investment in technology enables us to offer on-line
appraisal ordering and electronic report
goal is to provide efficient and cost-effective
appraisals, right to your