| What
is an Appraisal? |
An appraisal
is an estimate of value for a particular property at a
particular time. It is the most likely price a typical
buyer would pay for the property given suitable exposure.
|
| When
is an appraisal needed? |
An appraisal
is needed to help prospective buyers decide on offering
prices, this as well as help prospective sellers determine
appropriate selling prices. It is also used to estimate
the value of security offered for a proposed mortgage
loan and to provide an investor with a sound base for
deciding to purchase a real estate mortgage.
|
| What
is the appraisal process? |
The appraisal
process is an orderly and concise method of reaching an
estimate of value. The process has six major steps which
include: definition of the problem, preliminary survey
and appraisal plan, data collection and analysis, application
of the three approaches to value, reconciliations of value
indications, final estimate of defined value. This process
assists the appraiser in reaching a sound conclusion.
The major phase of this process involves the application
of the three approaches to value which include the Market
Data Approach, the Cost Approach and Income Approach.
The three approaches are reconciled and the value via
most applicable approach, in the opinion of the appraiser,
is selected as the final estimate of value. In most residential
appraisals, particularly those of single or two family
dwellings, the direct sales comparison or market approach
best reflects the actions of buyers and sellers and is
the most convincing and defendable approach to value.
|
| What
are the qualifications of your appraisers? |
- James R. Kennedy, SRPA, SRA Wisconsin Certified
General Appraiser No. 123-010
- David J. Kennedy
|
| What
services are available through Appraisal Associates, Inc? |
- Commercial, Industrial and Residential Fee appraisals
- Consulting and appraising
- Feasibility studies for developers, investors,
or lenders
- Assessment consultation
- Real estate valuation for acquisition or sale
- Investment analysis and consultation
|
