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| Understanding Appraisals | | Print | |
professional OPINION backed by extensive TRAINING AND KNOWLEDGEA significant amount of private, corporate, and public wealth lies in real estate; therefore, the determination of its value is essential to the economic well-being of society and its individuals. At PRA, our appraisers contribute to this well-being in the determination of these values. They do this by gathering, analyzing, and applying pertinent information to a property.
A PRA appraiser's professional opinion, backed by extensive
training and knowledge, influences the decisions of people who own, manage, buy,
sell, invest in, and lend money on the security of real estate. Our appraisers
serve as both a link and a vital check in the system. And since they are trained to be an impartial
third party, they protect the interests of all parties. HOW LONG DOES IT TAKE?The length of time an appraisal takes from start to completion depends upon the property size and the required detail. The physical inspection of the property can take anywhere from thirty minutes to several hours and may require several visits. After initial inspection, the appraiser spends his time investigating the neighborhood and surrounding area to find any comparable sales and relevant field data.
When the field work and research is complete, the appraiser then analyzes the data he has accumulated and compiles the report. The report may be short, needing only a few hours to complete, or the appraisal may be so complex that a narrative report is required. These can sometimes exceed a hundred pages, and therefore may take many weeks to complete.
HOW THE CLIENT CAN HELP Providing the following items can assist us so that we can
provide a more accurate appraisal in a shorter period of time while at the same
time minimize costs...
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