Hayward Appraisals - General Appraisal Info

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What is an Appraisal?

An appraisal is the process of estimating a property's fair market value.

What is the Role of the Appraiser?

The role of an appraiser is to act as an objective third party in providing an unbiased analysis, regardless of the intended use of the appraisal.

Why Get an Appraisal?

In our changing real estate market, unless you study real estate values daily, as a professional appraiser does, it is very difficult for a buyer or seller to gain an accurate picture on real estate values.

Reasons for an Appraisal Include:

Determine what the value of your home is in today's market.

Find out what the estimated market value is for the home you are interested in purchasing.

Tax Questions

Removal of PMI or Private Mortgage Insurance

Investment Planning, Liquidation or Divorce

Who Uses an Appraisal?

Home Buyers and Sellers

Lending Institutions

Estate Planners

Legal Firms

What information goes into determining the value of my property?

There is an established procedure that enables an appraiser to develop a complete, well researched and well supported opinion on the value of the property being evaluated. There are many steps in this process beginning with identification of the problem, collection of all pertinent data, utilization of the appropriate approaches for resolution, validation of results and the final estimate of value.

There are three approaches to value which is determined once all of the data has been collected. Each approach will be chosen depending on the specific problem and available data.

Briefly, the approaches to value are:

Sales Approach

This is the most commonly used, most reliable and most applicable when there is data on recent sales of comparable properties.

Cost Approach

The cost approach is based on the idea that the value of the property can be determined by the current cost to replace/reproduce minus depreciation plus the site value.

Income Capitalization Approach

With this approach, the property value is evaluated based on anticipated future increases in value.

HarryHayward@verizon.net

3917 W. Euclid Avenue
Tampa, Florida 33629