What is an appraisal?

An appraisal is an estimate of market value, prepared on behalf of a client, based upon actual closed sales in the market area.  In other words, it is based upon research into factual evidence of what properties are bringing in the market.

What is involved in an appraisal?

The appraiser first researches the property being appraised, including public data, and performs an inspection of the building to determine size, condition, and features.  Next, the appraiser researches closed sales of similar properties in the property’s market area, and performs a comparison to arrive at the market value.

How is this different from a home inspection?

An appraisal is not intended to be a technical inspection of mechanical and building systems.  A home inspector has the expertise to evaluate the home from top to bottom, including condition of roof, plumbing, heating, and electrical systems.  An appraisal is rather an evaluation of the market, what properties are selling for, and includes a walk-through of the home to establish factual data for comparison purposes.

Why would I need an appraisal?
An appraisal might be required for the following reasons:

-         to secure a loan   

-         to lower real estate taxes

-         to eliminate PMI from a loan payment

-         to settle an estate, divorce, or litigation

-         to determine equity for real estate portfolio

How do I know an appraiser is qualified?

Appraisers can become licensed or certified by the state in which they work.  This is achieved by practical on-the-job experience, and educational requirements.  You should look for an appraiser with substantial experience in your geographic area, who is familiar with the type of property you have.

There are 3 classifications of licensing in Ohio: Licensed Residential and Certified Residential, both which allow the appraiser to appraise residential properties; and Certified General, which allows the appraiser to appraise any type of real estate.

Technology

Our investment in technology enables us to offer on-line appraisal ordering and electronic report delivery.  Our goal is to provide efficient and cost-effective appraisals, right to your desktop.