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What is involved in the real estate appraisal process? The single largest transaction most people will ever be involved in is the purchase of real property. Whether it is a primary residence, a vacation home, or an investment property, this purchase is a complex transaction. A real estate appraiser is just one of possibly several parties needed to close the deal.
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Some of the parties involved might be familiar to you, such as the real estate agent, who facilitates the sale, or the lender, who provides the funds for the purchase in the form of a mortgage loan. Other parties to the sale include the title company, or perhaps a real estate attorney.
In most cases a real estate appraiser is required to provide an unbiased opinion of the market value of the real property involved the transaction. Chad L. Dufresne is a state-certified residential real estate appraiser and will ensure that you as an interested party are able to make a well-informed decision. Below are some of the steps he will take to help you make your decision.
The Site Inspection
Chad will first fully inspect the property to provide a first-hand accounting of the real estate by doing the following:
- Inspecting the off-site improvements in the area - types of roads, lighting, sanitary improvements, etc.
- Inspecting the site improvements - utility hookups, topography & landscaping, car storage, fencing, etc.
- Measuring the dwelling to verify the gross living area (also known as "heated and cooled living space") and any other real estate on the site, such as an inground pool.
- Assessing the overall condition of the property and any necessary components required to ensure year-round comfort and livability.
Following this inspection, he relies on a method of valuation known as the Sales Comparision Approach to determine the most probable selling price of the subject property on the open market. Another approach which may be used for additional support is the Cost Approach, an approach developed by determining the value of the land plus the cost to replace the current improvements with ones of equal utility and condition.
The Analysis of Comparable SalesOnce Chad has completed the site inspection, verified the square footage of the dwelling and bedrooms/bathrooms, and noted any other significant factors that might effect value, he will choose several current sales in the area which would be considered most comparable to the subject and adjust for any differences between them.
- For example, if the comparable has a fireplace and the subject does not, the appraiser may subtract the value of a fireplace from the sales price of the comparable home.
- In the case where the subject has something such as an extra half bath that a comparable doesn't have, the appraiser might add the value of that bath to the comparable property.
The Final Value Conclusion
Chad has been a Florida native all of his life and a resident of Clay and Duval County for over 35 years. It is important to note his opinion of value is just that - an opinion. The home may or may not sell at the appraised value. However, the careful inspection of the subject, thoughtful analysis of the comparable sales used in his report, well-developed sense of the current real estate markets in northeast Florida and thoroughly developed report will give you confidence in his value conclusion.
Contact him, connect on LinkedIn or order online today for the following services:
- a residential appraisal in Nassau County Florida
- a residential appraisal in Duval County Florida
- a residential appraisal in Clay County Florida
- a residential appraisal in St. Johns County Florida
State-Certified and FHA Approved Appraiser!!
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