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The Appraisal Process
Examination: Each
piece of property to be included in the appraisal is thoroughly
examined by the appraiser for condition, characteristics, and dimensions.
When the item cannot be inspected due to loss, theft, or damage,
the appraiser will make critical assumptions based on interviews
with the owner and any prior photos. The information is recorded
on the appraiser's worksheets or sometimes directly into a computer.
Photographs: Photographs
are taken to document the item's existence and to aid in research.
Photographs are included in the appraisal document, and are either
35 mm or digital photos.
Research: Value
conclusions for appraisals are based on comparable sales analysis.
Research time includes the time taken to identify marks, verify
dates, locate comparable sales data, investigate retail markets,
and consult experts, if necessary. This produces an accurate report
that protects you and your property.
Report: A
complete appraisal report has a cover document explaining the type
of value being sought and how the appraisal is to be used, the methodology
and resources relied upon, the date and location of the inspection,
the effective date of the value, a statement that the appraiser
has no financial interest in the property, and the appraiser's signature.
The body of the appraisal contains an accurate description of each
item of property in the report, along with the value conclusions.
The addendum contains the appraiser's qualifications to perform
the appraisal.
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