Serving our customer's appraisal needs in the Branson area and beyond with over 20 years experience

Facts About an Appraisal

 

A home purchase is the largest single investment most people will ever make. Whether itís a primary residence, a dream vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties working together.

Reasons to get an appraisal:

  • Purchase of a Home.

  • Refinance or get a Home Equity Loan

  • PMI Removal

  • Divorce Settlement

  • Estate Liquidation

  • Relocation

  • Home Improvements to Add Value

  • Selling a Home

What is an appraisal- A real estate appraisal is a service performed by a licensed or certified appraiser, who develops an opinion of value based upon the highest and best use of real property. The highest and best use is that use which produces the highest value for the land, as if vacant.

What is market value- Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgably, prudently, and without compulsion

Three Approaches that are used to determine value are:

Market data analysis- derived by comparing sole properties within the last six months to a year.

Income Approach- is used for investment property and when a single family home is being used as an investment property (rental)

Cost Approach- is determining what it costs to build a property similar to yours and determining land value, adding both of those together determines the cost approach.