article thumbnail

When to Apply Extraordinary and Hypothetical Assumptions

Boston Appraisal

The process of determining a property’s market value is called a real estate appraisal. The person who appraises the property, the appraiser, physically inspects the property to measure it, take pictures of it, and make note of the condition and the quality of the construction.

article thumbnail

8 Home Appraisal Cost Factors in BC: What You Need to Know

D Fritz Appraisals

A home appraisal is a legal document that determines fair market value for a property. The appraisal process includes an inspection of the property and research of comparable properties in the local area by a qualified professional. What is an Appraisal, and Who Pays for it?

Appraisal 103
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Savvy real estate agents look beyond ChatGPT

Housing Wire

AI models might not account for qualitative aspects like architectural uniqueness, interior design quality or the emotional appeal of a home. Combining the strengths of AI with the expertise and insights of real estate professionals could provide the best results in accurately assessing the market value of homes.”

article thumbnail

Desktop Appraisals: Who, When, and Why

Appraisal Today

Desktop Appraisals: Who, When, and Why Excerpts: The ability to identify property characteristics without a personal inspection is not a new concept. Tax Appeal Support: When there is a challenge to a tax assessment, a desktop appraisal may be used to provide a current market value.

article thumbnail

USPAP Myths for Appraisers

Appraisal Today

Arouse the suspicion of an entire neighborhood when inspecting comparable sales. Spend hours writing volumes of supporting documentation to justify the market value of a property you already decided on when you pulled into the driveway. Chance to really irritate annoying real estate salespeople.

article thumbnail

Fannie Files Complaint Against Appraiser

Appraisal Today

The inspection was uneventful. I was given a lockbox combination and inspected the vacant home. Acre lot Situated in the foothills of the Sierra Nevadas, Mountain House stands as a testament to an architectural brilliance and a profound connection with nature. This approximately 900sf, 1.5 acres of wooded land.

article thumbnail

NAR Appraisal Survey 2022

Appraisal Today

If it had a market value of $345k, it would have listed at $345k!”. “Owning this house is a bit like being a celebrity in very weird, eclectic circles,” he said in a recent interview, noting how architecture students would regularly visit to study the home’s sculptural construction. To read more click here.