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We Help You

By providing us with as much information as you have available to you, it helps us to better, and more quickly, ascertain the most accurate value of your property.  Items such as site plans, surveys, financial reports, leases as well as cost/recovery breakdowns will assist us in better understanding the property and its current value.

 
We Help You

By providing us with as much information as you have available to you, it helps us to better, and more quickly, ascertain the most accurate value of your property.  Items such as site plans, surveys, financial reports, leases as well as cost/recovery breakdowns will assist us in better understanding the property and its current value.

 
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ּ Home Page arrow Appraisal arrow Understanding Appraisals
ּ November 20th, 2008
Understanding Appraisals | Print |

professional OPINION backed by extensive TRAINING AND KNOWLEDGE

A 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...
 


  • A survey of the property
  • A deed or title report showing the property's legal description
  • The most recent notice of the property's assessment and the realty tax bill
  • A list of any chattels that were sold or are being sold with the property
  • A copy of building plans, specifications, or draft plan proposals
  • The date and the details of the last purchase, along with the purchase price
  • A list of recent improvements and their costs
  • The financial statements for the past two years (if applicable)
  • Agency Authorization to access municipal and utility records
  • A detailed rent roll and summary (for income properties)of all revenues from the property
  • A copy of all environmental reports that are available
  • Confirmation of any hypothetical or extraordinary conditions for reliance