Appraisal Facts

Fact:
Property value is determined by a number of factors, including location, condition, improvements, amenities, and market trends.
Fact:
The appraiser has no vested interest in the outcome of the appraisal and should render services with independence, objectivity and impartiality.
Fact:
Depending upon their qualifications and designations, appraisers can and do provide a variety of services, including advice for estate planning, dispute resolution, zoning and tax assessment review and cost/benefit analysis.
Fact:
Market value is based on what a willing buyer would likely pay a willing seller for a particular property, with neither being under pressure to buy or sell. Replacement cost is the dollar amount required to reconstruct a property in-kind.
Fact:
While many states support the concept that assessed value approximates estimated market value, this often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.
Fact:
Appraisers make a detailed analysis of all factors pertaining to the value of a home including its location, condition, size, proximity to facilities and recent sale prices of comparable properties in the subject market area.
Fact:
The bank owns the appraisal and can release the information to the consumer upon request. However, the consumer may obtain a copy of the appraisal report from their lender who originally ordered the report under the Equal Credit Opportunity Act.