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What is an appraisal and what are they
used for? 

An appraisal is a report that provides an opinion of a
market value of your property. Several elements are
considered in developing an appraisal such as, but not
limited to, location, condition of property, features, size
and functional factors. Additionally, the bath and bedroom
count as other room counts are considered. 

The subject property’s floor plan layout is analyzed for
functionality. The size of the improvements is measured
during the inspection process and an illustration sketch is
drawn.
The completed report will include the appraiser’s
observations and description of the improvements (interior
and exterior), pictures and description of the
neighborhood, pictures of salient features and extensive
pictures of the interior and exterior of the improvements. 
The finished report will include the appraiser’s identifying
any unique features and any damages or areas requiring
repairs and a value discount (if warranted) to account for a
cost to cure for any required repairs and/or functional
obsolescence. Appraiser also establishes the effective age
of the improvements in addition to the chronological age of
subject and the relevant accumulated depreciation. It is
the appraiser’s responsibility to determine whether the

Sales Comparison Approach, Cost Approach and/or
Income Approach are applicable.
The appraiser will select the most similar (not identical)
published sales that are the most recent and that are the
geographically closest to the subject property. To reiterate,
these sales must be similar to the subject to be
appropriate comparables. Pictures of these comparables
are attached to the report.

Appraiser also provides other pertinent information such
as public land/site records, market sales data, market data
trends, conformity analysis of subject to surrounding
properties, highest and best use of subject (as improved
and as if vacant), marketability, etc. 

An appraisal is needed to help resolve issues such as
buying decisions, selling decisions, divorce property
settlement, estate property settlement, eminent domain
governmental takings, refinancing, removal of PMI,
reverse home mortgages and in resolving issues
regarding valuations during litigation related matters.
Appraisals are useful guides to resolve the problems just
mentioned. For example, judges and/or juries along with
the practicing attorneys use appraisals to help resolve the
conflicts regarding real estate values. Lenders, buyers
and/or sellers use them as guides to make wise decisions
and/or to utilize in their favor. For additional information
visit Southmost Realty, Appraisals & Court Expert
Witness by clicking at : www.SouthmostAppraisals.com or

Contact:
 All@SouthmostAppraisals.com or call 956-412-
1357. Ask for Adelaido (Lalo) Gonzales, MBA, MSA
Se Habla Espanol!

Posted in:Appraisals
Posted by Adelaido (Lalo) Gonzales on April 2nd, 2020 1:16 AMLeave a Comment

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