Each appraisal is unique, but the overall general process tends to follow three general steps. Ultimately, the final opinion of value is what many people want to know, but the process to reach that final value is detailed and thorough. Here’s a brief overview of those three steps:
- Site Visit The site visit occurs when the appraiser visits the property. It is also commonly referred to as an appraisal inspection. Once we receive a request for an appraisal, our office will reach out to the homeowner or real estate agent to schedule a day and time for the appointment. The appraiser will perform a variety of tasks during the appointment. Some of the tasks will include measuring the exterior, making visual observations of the exterior and interior, and taking photographs of all the interior rooms. Appointments typically last 30-45 minutes but can be longer for larger and/or more complex properties.
- Offsite Research and Report Writing The offsite research is typically the most time intensive portion of the appraisal process. The amount and level of research varies by property, but the appraiser spends several hours at the computer working on each property. The subject property is closely examined, the market is analyzed, and recent sales are studied. The data is collected and summarized in an appraisal report format.
- Arriving at a Value Conclusion The appraiser arrives at the final value conclusion after all research and analysis has been completed. The opinion of value is often referred to as the appraised value. This value can be expressed as a single value or a range of values. It is documented within the final appraisal report.
To understand more about the appraisal process or how we may be able to assist you with your valuation needs, please reach out to us at 337-714-8378 or AcadianaAppraisals@gmail.com. We’re looking forward to hearing from you!