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Appraising

Appraising

What is an appraisal?

An appraisal is simply an opinion of value.

First and foremost, appraising is an art and not a science. Science is more defendable so appraisers tend to stick with as much science as they can.

Appraising Real Estate is done for many reasons

  • For obtaining a mortgage
  • To determine the replacement for insurance
  • For tax assessing and appealing
  • For negotiations between a buyer and seller

When appraising Real Property there are three approaches an appraiser can take.

Comparison

Cost-Depreciation

Income