Real Estate Appraisal Types

Source

http://www.homeappraisalsinc.com/real-estate-appraisal/

Ordering Is EASY As 1-2-3

Step 1: Call or fill out the Free Quote Request to get your cost & turn time.
Step 2: Call or Click to make a Secure Payment once you have your cost.
Step 3: Our local Appraiser will call the contact for entry to schedule the inspection.

A Real Estate Appraisal Is The Process Of Valuing Real Property

The value typically requested is Fair Market Value. Real estate appraisals are needed because compared to,
say, corporate stock, real estate transactions occur very infrequently. Not only that, but every property is
different from the next, a factor that doesnt affect assets like corporate stock. Furthermore, all properties
differ from each other in their location which is an important factor in their value. So a centralized auction
setting cant exist for the trading of property assets, such as exists to trade corporate stock (i.e. a stock
market/exchange).
This product differentiation and lack of frequent trading, unlike stocks, means that qualified specialist are
needed to advise on the value of a property via the appraisal process. The real estate appraiser usually
provides a written report on this value to his or her client. These reports are used as the basis for mortgage
loans, for settling estates and divorces, for tax matters, and so on. Sometimes the report is used by both
parties to set the sale price of the property appraised. There are different types of reports available.

Full Single Family Home Appraisal Report

Click to see a sample of a full home appraisal report.This type of real estate appraisal report involves the
home appraiser doing an interior and exterior inspection of the subject property. The appraiser is looking at
the overall condition. For example, he/she is looking to see if the house has had recent upgrades to the roof,
windows, kitchen, bathrooms, floors, A/C, etc. The appraiser also measures out the home to determine the
exact square footage of livable area and garage area, if any.
They are also looking to see how many bedrooms and bathrooms the home has. This is important because
some homes have enclosed garages or other areas that the homeowner considers a bedroom, but may not

actually qualify as living area. The number of bedrooms and bathrooms is a large factor in choosing
comparable sales.
The typical real property valuation report includes interior and exterior photos of the subject and exterior
photos of at least three closed comparable sales.The final appraisal also includes a sketch of the subject
home and a location map of the subject in comparison to the comparable home sales used in the report. See
sample above.

Desktop Single Family Home Appraisal Report

Click to see a sample of a desktop home appraisal report. This type of real estate appraisal is done from the
appraisers Desktop. In other words, the appraiser does not do an interior or exterior inspection of the
subject home or the comparables, but makes an extraordinary assumption on the condition of the home
based on what the homeowner tells the real estate appraiser or if there is a MLS listing on the subject with
photos the appraiser can base it on that.
The research and comparables the appraiser uses is the same as the research the he/she would use for the
full report. This type of report includes at least three comparable sales with exterior photos (If they are
available from MLS). It also includes a location map of the subject in comparison to the comparable home
sales used report. See sample above.

Desktop Condominium Appraisal Report

Click here to see a sample of a desktop condominium appraisal report. This type of real estate appraisal
report is again performed from the appraisers Desktop. In other words the He/She does not do an interior
or exterior inspection of the subject condominium or the comparables, but makes an assumption on the
condition of the condo based on what the owner tells them or if there is a MLS listing on the subject with
photos, the appraiser can base it on that.
The research and comparables the appraiser uses is the same as the research they would use for the full
appraisal. This type of report includes at least three comparable sales with exterior photos (if they are
available from MLS). It also includes a location map of the subject in comparison to the comparable
condominium sales used in the report. See sample above.

Residential Land Appraisal Report

Click to see a sample of a residential land appraisal report. This type of real estate appraisal involves your
appraiser performing an inspection of the subject land. He or She is looking at the location, view, external
obsolescence, etc. The final document includes photos of the subject land and street scene. Photos of at
least three closed comparable land sales are also included. It also includes a location map of the subject in
comparison to the comparable land sales used in the report. See sample above.

Commercial Summary Appraisal Report

Commercial real estate appraisals typically contain a larger amount of information due to the complex nature
of commercial real estate. See a sample complete summary appraisal report of a church. These reports state
the identity of the client and any intended users, by name or type; state the intended use of the documents;
summarize information sufficient to identify the real estate involved in the valuation, including the physical
and economic property characteristics relevant to the assignment; state the property interest appraised;
state the purpose of the appraisal, including the type and definition of value and its source; state the
effective date of the real estate appraisal and the date of the real estate appraisal report; summarize
sufficient information to disclose to the client and any intended users of the report the scope of work used to
develop the real estate appraisal.

They also state all assumptions, hypothetical conditions, and limiting conditions that affected the analyses,
opinions, and conclusions; summarize the information analyzed, the evaluation procedures followed and the
reasoning that supports the analyses, opinions, and conclusions; state the use of the property existing as of
the date of value and the use of the property reflected in the appraisal; and, when the purpose of the
assignment is market value, summarize the support and rationale for the appraisers opinion of the highest
and best use of the Subject; state and explain any personal departures from specific requirements of
STANDARD 1 or 7 and the reason for excluding any of the usual real estate appraisal approaches; include a
signed certification in accordance with Standards Rule 2-3 or 8-3. See sample above.

Replacement Cost Appraisal Report

Click to see a sample of a replacement cost home appraisal report. This type of real estate appraisal includes
the home appraiser doing an interior and exterior inspection of the subject home. For this type of report, the
appraiser is looking at the materials that were used to build the house. The condition of the house is
irrelevant because the appraiser is determining what it would cost to rebuild the house brand new. This type
of appraisal includes photos of the interior and exterior of the subject house, a sketch and the replacement
cost calculations. See sample above.

Field Review Appraisal Report

Click here to see a sample of a field review appraisal report. A lender uses this form for the spot-check
appraisal component of its quality control process. The field review report is intended to provide the
lender/client with an opinion on the accuracy of the appraisal under review. The scope of work for this
assignment is defined by the complexity of the report under review and the reporting requirements of this
forms, including the following statement of assumptions and limiting conditions, and certifications.
If the review appraiser determines that the opinion of value in the report under review is not accurate, he or
she is required to provide their own opinion of market value. The review appraiser is not required to replicate
the steps completed by the original appraiser to be reliable and in compliance with the applicable appraisal
development standards of the Uniform Standards of Professional Appraisal Practice. See sample above.
These are just some of the types of real estate appraisal reports we can offer you. Please call us at 866-5337173 to find out which type of real estate appraisal report is right for you. If you would like a free quote on
fee and turn-time, please fill out the form to your right or call us.