Providing quality appraisals for lending institutions, estate settlement, estate planning, and divorce mediation.
According to the Uniform Standards of Professional Appraisal Practice (USPAP), an appraisal is defined as “the act or process of developing an opinion of value.”This is done by a state licensed or certified appraiser “who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.” USPAP 2015 ed.
The most common type of value appraised is Market Value. FNME defines market value as “the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: buyer and seller are typically motivated; both parties are well informed or well advised, and each acting in what he or she considers his/her own best interest; a reasonable time is allowed for exposure in the open market; payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
The appraisal process involves
1.) Identification of the Problem (Client? Intended Use? Purpose of Assignment? Effective date of value opinion? Relevant characteristics of property to be appraised? Assignment conditions?)
2.) Scope of Work Determination.
3.) Research, Data Collection and Property Description (typically includes physical inspection of Subject Property.
4.) Analysis of Data.
5.) Develop Site Value Opinion.
6.)Application of Approaches to Value (Sales Comparison, Cost, Income (if required).
7.)Reconciliation of Approaches to Value and Final Opinion of Value.
8.)Reporting results (usually involves creating a physical appraisal report delivered electronically in pdf format.)
466 Foothill Blvd #399, La Canada Flintridge, CA 91011, US
Monday - Friday: 9am - 6pm
Weekends By appointment