What will my appraisal report contain?
A typical report will contain general information regarding the neighborhood (proximity to supporting services) and current market conditions as well as specific items involving the property (i.e. lot size, gross living area, bedrooms, bathrooms, year built, and condition). It will also have a sketch of the property, showing where the rooms are located as well as other features (i.e.pool, spa,cov.patio) and structures (garages, workshop, guesthouse, etc.). The sketch is usually based upon a physical measurement of the property during the appraisal inspection. The report also contains photographs of the home (both inside and out) and comparable sales used in the report. The report contains information and/or characteristics from other sales comparables ( including listing or pending sales) that are then compared to the information and characteristics of the subject property in order to provide an indicated value of the subject property for each comparable sale used. Sales comparables are then analyzed. Most weight is generally given to those sales comparables with similar characteristics to the subject property such as similar size, condition, and/or amenities. After careful analysis of the sales comparables, a final valuation of the property is provided. Finally, a report should contain an appraiser certification page or pages indicating that the appraiser did in fact inspect the property and has no financial interest in the property. Among other things, the certification should state that the appraiser has no bias with respect to the property that is the subject of the report and no personal interest with respect to the parties involved.