real
estate appraisal 101
Frank E. Stafford,
Nassau County's Ask
the Expert on Appraisal!
February 2007..
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Welcome to
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OPPORTUNITIES |
| We are a leading provider of appraisals for: |
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WEBSITE Our website at www.staffordappraisals.com is frequently updated to provide current information about us and the real estate appraisal industry and to provide links that may be useful to those who visit our site. |
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Stafford
Appraisal Services, Inc. Frank E. Stafford Certified Residential Appraiser PO Box 1795 Fernandina Beach, FL 32035-1795 Phone: 904-206-0970 Fax: 904-321-2631 Email: staf101@bellsouth.net |
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| How Much Should a Business Appraisal Cost? | |
| Like any other professional service, such as legal services, medical care, financial advisory services, or accounting services, the price of appraisal services to the ultimate user should always be one consideration in selecting the professional or professional firm. However, it's usually not appropriate to shop for the lowest priced vendor, or to use competitive bidding to obtain the lowest price. The heart patient whose life may depend on the skill and judgment of his surgeon, wouldn't be smart to put his surgery out to bid. Similarly, the client whose financial fortunes may rely on the quality of work or the effectiveness of testimony by his valuation expert should probably not make a decision on hiring an appraiser based primarily on lowest fees. | |
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Beware of
Low-Cost, Low-Wisdom Appraisals - Your Financial Life May Depend
on It! In business appraisal, the low-end software-driven product should be approached with caution. In general these products are designed to give quick, and not necessarily accurate answers to price shoppers, and by design deny the client the expertise of the appraiser's many years of valuation wisdom. Often these are done by part-time appraisers, or are loss-leaders intended to lure clients into more expensive consulting agreements. Users should beware of any appraiser who is willing to render an opinion of value without a site visit, personal interview, and hands-on inspection of the company's financial and administrative records. |
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| That said, the relationship between quality of services and fees is not linear: there are factors unrelated to the quality of the services that affect the fees demanded for them. For example, the basic amount of work the appraiser has to perform for an appraisal is driven by the professional standards he must follow in conducting the appraisal. The emergence of the Uniform Standards of Professional Appraisal Practice (USPAP) as the controlling rules for appraisal engagements has increased the amount of work appraisers must do, even for simple appraisal assignments. | |
| The largest single driver of appraisal cost though, is the purpose to which the client desires to put the appraisal result. Appraisals for use as informal pricing guides for sellers or buyers require the least amount of work on the continuum of effort, and appraisals done for use in contentious litigation probably require the most effort. In between these extremes are appraisals for other purposes, such as buy/sell agreements, partnership agreements, estate planning, asset allocation, etc. |
Over that time we have witnessed tremendous changes in both our market and the appraisal industry. But one thing hasn't changed-- as always, you can still rely on our commitment to the highest level of real estate appraisal service.
As a Real Estate Appraisal consultant, I am responsible to asset a fair and equitable market value on parcels of property in Nassau County.
10 REASONS
Why You Should Choose Stafford Appraisal Services
Whenever You Need the Services of a Professional Real Estate Appraiser
1. We Aim To Please - Friendly Service With A Personal Touch – As you get to know us, you'll find that we are a small but knowledgeable team, and that's exactly where our strength lies. Your Complete Satisfaction Is Always Our Highest Goal.
2. Our commitment to on-time delivery means that your appraisal will be there when you expect it and need it.
3. Very Reasonable Fees.
4. Our continuing advances in computer and other technologies to ensure fair and just valuations of property in Nassau County.
5. We can custom design your report for the specific requirements of your assignment. From forms to full narratives, you'll get the appraisal report format you need, professionally presented, at a fee that's fair.
6. Extremely Fast Turnaround (1-3 days on most single family) - verbal summaries are available even sooner.
7. Accurate, Reliable, Clearly Written Reports - You'll certainly benefit from our many years of professional experience and our vast research tools.
8. Appraisals available throughout Nassau County.
9. All Types Of Real Property Appraised - single family; multi family; condominiums; homeowner associations; & vacant land.10. Appraisals For Any Purpose- Cancellation of PMI (Private Mortgage Insurance); financial planning; matrimonial; mortgage (first mortgage, second mortgage, refinance or home equity loan); condemnation; relocation/third party; highest & best use analysis; to establish fair market value or fair market rental value for sellers, buyers, landlords or tenants.
~ ASK FRANK ~
Cost Approach Clarification
Dear Frank,
A mortgage company gave me an order, but the borrower is paying me directly by certified check or cash. The borrower is demanding a copy of the report. Am I correct that he can have a copy from the mortgage company if they agree to give him one (they have agreed), and that I cannot give him the copy myself, even though he is paying me directly? I assume the report belongs to the company that orders it, even though the borrower is paying me, and not them. Thanks, Frank!
John Nesmith
Dear John,
The 2006 USPAP makes it clear that you must deliver the appraisal to the Client you have identified in the appraisal report. If the appraisal is for a loan from a lender, the lender must order the appraisal, be named as the client, and be the only one that receives the appraisal from you. It makes no difference who pays you.
Sincerely,
FrankThrough our website, http://www.staffordappraisals.com, ordering an appraisal is just click away. Or spend a little time to find out a bit more about the appraisal business.
Copyright 2007 All rights reserved.