What is an Appraisal?

An appraisal is a formal, impartial estimate or opinion of value, usually written, of an adequately described property, as of a specific date, and supported by the presentation and analysis of relevant data. It is prepared as a result of a retainer, for reliance by identified parties, and for which the appraiser accepts responsibility.

What an Appraisal Report will contain:

• the estimate of value
• the effective date of the appraisal
• the certification and signature
• the purpose of the appraisal
• the qualifying conditions
• the condition of the neighborhood
• an identification of the property and its ownership
• an analysis and interpretation of the data and the assumptions made
• the processing of the data by one or more of the three approaches to value
• other descriptive support material such as maps, plans, charts, photographs, etc.