What Is a Real Estate Appraisal?
A real estate appraisal is a report that estimates the current fair market value of a property. It is an important document that buyers and sellers often rely on in making their decisions.

When a person buys a home, the appraisal is often used to determine the lender’s loan amount, as well as the terms of the mortgage. A low appraisal can mean that a buyer cannot get a loan. In this situation, the buyer may choose to renegotiate with the seller for a lower sale price.

Real estate appraisers are professionals who specialize in determining the value of real estate, or property. They are members of professional organizations like the National Association of Independent Real Estate Appraisers, the Real Estate Appraisal Institute or the Property and Casualty Insurance Association.

Some appraisal groups have teamed up with international professional appraisal organizations to create a set of standards that help to ensure that the appraisers are doing their job correctly and are following national and international real estate appraisal guidelines. This will assist the appraiser in conducting a comprehensive real estate appraisal and provide accurate and consistent values across international boundaries.

The basic elements of a real estate appraisal include the site description, improvements and the analysis. The site description is where the appraiser makes mention of the size, shape, frontage, location and other physical aspects of the real estate. The description must also be thorough and include the quantity, quality and type of land cover, soil and topography, mineral rights and deposits, permits, access, utilities and easements.

In addition to a site description, the appraisal should also address the type of use. This includes a description of the owner’s use, how it differs from the use for which the property is being valued and any special considerations that may affect that use.

Another part of the appraisal is a detailed comparison of the property with other properties in the neighborhood. This is done using a technique called the comparative sales approach. It is common for appraisers to use information from other homes that have recently sold within a mile of the property for sale.

It is also common for an appraiser to use general data, which can be obtained from a variety of sources. Some of these include public records, tax and other legal documents and information from the local Multiple Listing Service (MLS).

The comparison of properties is an essential part of the appraisal process. It can also cause problems when a home doesn’t match up with the other homes in the neighborhood, as this can result in a different valuation.

The most important factor in a home’s valuation is the square footage of the property. This is important because it can allow the appraiser to determine whether the home is large enough for any future expansions that will add to its value. The condition of the home is also very important as it can add to or take away from its value.

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