I often have clients, agents and partners ask what in the world do they appraiser? Great question in fact we will have a series on these areas soon.
1- Determine the current market value of the property
2- Detrmine the condition of the property
3- Determine the replacement cost of the property
The appraiser needs to find the best comparables and that can be determined by the most like or similar property. When the property sold, condition, distance from the subject, busy street< and other factors play in this conversation. Remember appraisers also have to comment if they see health and safety issues with the property such as exposed wires or obvious damage.
There is much more to cover but I have asked some local appraisers to contribute since they know more watch for that soon within my blog.
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