- Determine the true standing of the property as it stands.
- Physically identify the various features to ensure it meets reasonable expectations. (# of bedrooms and bathrooms, physical location of the home)
- Provide a sketch of the property with a true reflection of proper square footage and layout of the property.
- Distinguish obvious defects or features that would have a large impact on the value of the house.
Data Collection & Analysis
- Specific data is gathered during the inspection. (i.e. Location, condition, amenities, size, etc.)
- General data is gathered from various sources.
- Local Multiple Listing Services – provide data on recently sold homes that might be used as comparable’s.
- Tax records and other public documents verify actual sales prices in a market.
- Flood zone data is gathered from FEMA data outlets, i.e. InterFlood.
- The appraiser’s past experience in creating appraisals for other properties in the same market.
Determination of the appropriate approach to value.
- Cost Approach – Determination of the cost to replace the home, less physical deterioration and other factors, plus the value of the land.
- Sales Comparison Approach – Making a comparison to other similar, nearby properties which have recently sold. This is normally the most accurate and best indicator of value for a residential property.
- Income Approach – Used primarily when appraising income producing properties – it involves estimating what an investor would pay based on the income produced by the property.
The appraiser will take the data collected throughout the appraisal process and consolidate it to reach a final estimate. At Robinson Appraisal & Associates, we will give you the most accurate property value, allowing you to make the most informed real estate decisions.