APPRAISAL SERVICES

 

    An appraisal is a written estimate of a property’s market value completed by an appraiser. The value is based upon a market analysis of recent sales prices for similar properties in the area, and the property’s physical condition.

    The appraisal is performed by an appraiser, an objective third party whose job is to give their professional opinion of the market value of a home. An appraisal is the appraiser’s opinion of the property’s value based on their knowledge and evaluation of the property. This opinion or estimate is developed using the three standard approaches to property valuation:


• The Cost Approach estimates what it would cost to replace or reproduce the improvements as of the date of the appraisal, with deductions for issues like physical deterioration. This is added to the land value to determine that value of the property.


• The Comparison Approach looks at properties of similar size, quality and location that have recently sold in order to derive a comparative value. Variations between the properties are factored into the valuation by adding or subtracting amounts to adjust for things like more bathrooms, a smaller lot, etc.


• The Income Approach is generally used for commercial properties, and is not typically relevant for residential property valuations. The income approach estimates the value of the property based on upon the net income the property produce

    An appraisal is an opinion of a property’s market value developed and completed by an appraiser. The value is based upon a market analysis of recent sales of similar properties in the area, considering the property’s age, physical condition, and amenities.

 

    The appraisal is performed by an appraiser, an objective third party, whose job is to give their professional opinion as to the market value of a property. An appraisal is the appraiser’s opinion of the property’s value based on their knowledge and evaluation of the property. This opinion, or estimate, is developed considering the three standard approaches to property valuation:


• The Cost Approach estimates what it would cost to replace or reproduce the improvements as of the date of the appraisal, with deductions for issues like physical deterioration. This is added to the land value to determine that value of the property.


• The Sales Comparison Approach looks at properties of similar size, quality and location, that have recently sold, in order to derive a comparative value. Variations between the properties are factored into the valuation by adding or subtracting amounts to adjust for things like differences in bathrooms, a smaller lot, etc.


• The Income Approach is generally used for commercial properties, and is not typically relevant for residential property valuations. The income approach estimates the value of the property based on upon the net income the property produces.

 

MORTGAGES

 

This all-important step in getting the financing you need is the home appraisal -- an oftentimes-confusing part of the mortgage process in which both buyer and seller must depend on the expert opinion of a stranger. Joe Versen Appraisals, LLC provides that -- the expert opinion of a certified, state-licensed professional who develops a credible value opinion of a piece of property. Typically, in today’s lending environment, the lender will most probably select the appraiser. However, if the lender does not have to go through Federal Guidelines, they may accept suggestions as to the appraiser selection.

ESTATES

 

When someone dies, an estate appraisal is often needed to be done on the real estate owned by that person. This is important so that the person’s heirs know the value for probate, for equitable distribution, and for other purposes. 

MARKETING

 

IIf you’re thinking about selling your property and you’d like a clearer picture of how much your property might be worth, we will be happy to arrange for a full market appraisal of your property, with emphasis on the “Anticipated Sale Price.”.

PROPERTY DISPOSITION

 

Disposition Value is commonly used in situations in which the seller is under some sort of pressure to sell within a relatively quick time frame. One of the ways this differs from Market Value is with marketing time: Market Value would assume a “normal” marketing period (essentially the time it takes from list to under contract) which is based on the prevailing market conditions. In cases where a seller needs to sell more quickly than the average time frame, there is commonly some level of discount required to attract interest. A professional appraisal will aid in this endeavor.

TAX APPEALS

 

If you are going to contest your property taxes, a strong, accurate, real estate appraisal is a vital component of your argument. Your property tax appeal must be based on accurate information, not emotion. Joe Versen Appraisals, LLC can help!

 

 

INVESTMENTS

 

Prudent buyers of real estate for investment purposes will typically have an appraisal performed on the property they wish to purchase. This is done as due diligence when making investment purchases.

DIVORCE PROCEEDINGS

 

If you are a spouse going through a divorce – friendly or hostile, an appraisal is often a necessary component for equitable distribution. One of you has probably moved out, and you’re both wondering what your share of the real estate is. You’re going to have to deal with a division of property – usually, the family residence. An appraisal of the property can relieve concerns as to the appropriate amount due to each party.

PROBATE

 

A probate case requires the decedent's property to be appraised, in order to determine the cash value of the property as of the date of the decedent's death. The probate court needs to know the total cash value of the estate, prior to distribution of the assets. Probate cases primarily rely on professional appraisals to determine the cash value for "non-cash" assets, such as real estate. The term ‘appraisal’ generally implies a professional appraisal by an appraiser familiar with the type of property and its value in the given industry. Probate cases do not often require professional appraisals for "cash" assets, such as bank accounts, with easily determined cash values.

EMINENT DOMAIN

 

Eminent domain is the government’s right to acquire property.  There are limits to this power as addressed within The Fifth Amendment, ending with, “…nor shall private property be taken for public use, without just compensation.” Indicates the ‘taking’ must be for a public use and that the owner will be compensated.  The power may be delegated to private corporations, such as public utilities, railroad and other companies that promote a valid public purpose. Eminent domain appraisal is considered to be specialty area of appraising.

CASH PURCHASES

 

Often people are buying properties without the need of a mortgage. An appraisal is requested to verify that the purchase price is representative of the true value of the property. Surprisingly this occurs often in the marketplace.

© 2015 by JOE VERSEN APPRAISALS, LLC.  

​APPRAISAL
REAL ESTATE

 

T: 803.684.6090