|BROWN VALUATION SERVICES,
Commercial and Residential Real Estate Property Appraisers
1280 South Powerline Road Suite 29
Pompano Beach, FL 33069 (Map)
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With many years of
experience we have a proven track record of reducing time, efforts
and costs in managing the appraisal process.
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Exactly What is a Real Estate Property AppraisalAn appraisal begins with the identification of the Scope of Work. This defines a number of variables including: the type of property to be appraised, the ownership interest, the extent and type of research undertaken, and the extent and type of analysis applied. After defining the various Scope of Work items, the appraiser typically begins the assignment with an inspection of the subject property. The inspection provides information on the type and quality of construction, the measured building area, building height, construction components, type and quality of site improvements, landscaping, location, access, and so on.
The next major section of the assignment involves the research and verification of the market data. Depending on the Scope of Work, this may involve research of comparable sales, comparable rents, and cost data. The appraiser typically subscribes to a variety of proprietary property data services including public records data. In addition to a physical
inspection of the comparable sale and rental properties, the appraiser confirms the veracity of the data through sources deemed reliable. This often involves a call to the buyer, seller or agent involved in the transaction.
After the market data is researched, a thorough analysis of the data is undertaken. Basically, this distills the raw data into measurable units which can be applied to the subject property. There are many useful units of measure which can be applied to real estate. The appraiser's expertise comes into play in deciding which units of measure are most appropriate to the appraisal at hand.
The final stage of the appraisal involves the application of the various value indicators derived to the subject property. Again, depending on the Scope of Work, this may include the application of the Sales Comparison Approach, Income Capitalization Approach or Cost Approach, or a variation of each of these. After application of the various appraisal approaches, the appraiser will typically reconcile the indications into a final estimate of value for the subject property.
The report is then submitted to the Financial Institution or individual that requested the appraisal.