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APPRAISAL:
The most accurate and realistic valuation of a property is critical to any successful real estate transfer. Elford Appraisal employs a variety of proven methods to determine the value of a given property. When engaged to perform an appraisal, whether it be Direct Comparison Approach, the Cost Approach, or the Income Approach, Elford Appraisal will use the technique best suited to a specific property, in order to determine an estimate of value with the highest degree of accuracy.

Appraisals are required for numerous reasons:

  • In settling an estate, tax authorities, beneficiaries, or trust facilities may require an appraisal of property to establish the value of an estate. Survivors often require a value estimate that allows them to plan for any possible tax liability and future disbursal of an estate.
  • Appraisals are regularly used, and are very helpful in establishing replacement cost for insurance purposes, to assist property insurance agents in setting realistic premiums for specific properties.
  • An appraisal is critical to determining a fair level of compensation in the event of the condemnation, or expropriation of a specific property. An appraiser can serve as an expert witness in an appeal or other related hearing.
  • An accurate appraisal can be very useful in contesting a tax assessment that is considered incorrect by the land owner. Mass appraisal tax assessments may not consider certain factors regarding a specific property, and these factors can have significant impact upon assessments.
  • An appraisal is often critical to determining a selling or asking price on a specific property. In rising or falling markets, fluctuations may affect some properties more than others.
  • Most financial institutions require an appraisal as a condition of financing.

What is an appraisal?
A Real Estate Appraisal can best be described as the process of determining a property’s worth. It is described in appraisal text books as “a supportable and defensible estimate of value.” “Value is determined by the market and estimated by the appraiser.” The desired outcome of an appraisal is an unbiased estimate of a property’s value. Performing an appraisal requires the completion of a series of predetermined steps, each designed to glean the most detailed information available regarding the subject property.

The appraisal does not create value; rather, the appraisal interprets the market to arrive at the most accurate value estimate possible. Data collected by the appraiser is compiled, giving due consideration to the factors specific to the property in question, and used to calculate the value of the property.