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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation.
An exterior building sketch of the improvements that indicates the dimensions. Clear, descriptive photographs of the subject property and comparable sales used. A street map that shows the location of the subject property and of all comparable properties that the appraiser used.
Property condition assessments (PCAs) (also known as the property condition report, or PCR) are due diligence projects associated with commercial real estate.Commercial property and building inspections are important for clients seeking to know the condition of a property or real estate they may be purchasing, leasing, financing or simply maintaining.
An appraisal is a process used to determine the value of a home. Usually, if the homebuyer is seeking financing for the purchase, the bank or mortgage lender will require the property be appraised.
Additionally, all USPAP standards dealing with the development of appraisals, consulting, or mass appraisal specifically require that any extraordinary assumptions and any hypothetical conditions necessary in the assignment be identified in the course of formulating the appraisal problem and planning the scope of work.
“An appraisal is always in the best interest of the buyer, as it will assess the value of the property and help the buyer have confidence in the purchase price of the home,” says Jackie Boies ...