Appraisal Resources

Understanding the Appraisal Process

An appraisal is an independent analysis resulting in an opinion of value for a specified property, effective date, and intended use. The appraiser researches the subject property and its competitive market, analyzes relevant transactions and other applicable market data, and develops a valuation conclusion based on the available evidence.

Preparing for an Appraisal

Property owners may find it helpful to provide information concerning significant renovations and improvements, approximate dates of major updates, additions, surveys or plats, building plans, permits when applicable, easements, and unusual property characteristics.

Providing information does not mean a particular improvement will automatically increase the appraised value. The appraiser must determine whether and to what extent the market recognizes the characteristic.

Appraisal vs. Home Inspection

An appraisal and a home inspection serve different purposes. An appraisal develops an opinion of value for a specific intended use. Although the appraiser observes the property and considers readily apparent conditions relevant to the assignment, an appraisal is not a home inspection, engineering inspection, environmental assessment, or guarantee of property condition.

Rural & Complex Properties

In rural and mountain markets, comparable properties may be limited. Relevant sales may be farther away, older, or differ from the subject in several meaningful ways. The appraiser's responsibility is to analyze those differences and determine which available market evidence provides the most credible indication of value.