The process by which
the appraiser evaluates and selects two or
more alternative conclusions or indications,
to reach a single-value estimate.
The appraiser's description of the
physical characteristics of the property
will be obtained from reliable data sources
and either an interior and exterior
inspection or drive-by exterior inspection
(when interior access is not possible or
desired).
The appraiser's description of the physical
characteristics of the property and
comparables will be obtained from reliable
data sources.There will be a thorough
interior and exterior inspection. The
inspections take about half an hour to one
hour, depending on the size of the house
A
"Uniform Residential Appraisal Report"
typically consists of a letter of
transmittal; neighbourhood analysis;
description of the site; description of the
improvements; cost approach; direct sales
comparison approach utilizing comparable
sales on the comparison grid;
reconciliation; definition of market value;
certification; contingent & limiting
conditions; fire addendum; interior and
exterior photos of the subject property;
exterior photos of all comparable sales
used; comparable sales location map; sketch
of subject property showing room layout;
flood map if in print and qualifications of
the appraiser and reviewer.
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