Clearwater 727-244-8412 & Cape Coral 239-234-3998
A home purchase is the largest single investment most people will ever make. Whether it’s a primary residence, a second vacation home, or an investment property, the purchase of real property is a complex financial transaction that requires multiple parties to pull it off.
Most of the people involved are very familiar. The Realtor is the most common face of the transaction. The mortgage company provides the financial capital necessary to fund the transaction. The title company ensures that all aspects of the transaction are completed and that a clear title passes from the seller to the buyer.
So who makes sure the property’s value is in line with the amount being paid? There are too many parties exposed in the real estate process to allow such a transaction to proceed without ensuring that the property’s value is commensurate with the amount being paid.
This is where the appraisal comes in. An appraisal is an unbiased estimate of what a buyer might expect to pay – or a seller receives – for a parcel of real estate, where both buyer and seller are informed parties. To be an informed party, most people turn to a licensed, certified professional appraiser to provide the most accurate estimate of their property’s true value.
So what goes into a real estate appraisal? It all starts with the inspection. An appraiser’s duty is to inspect the property being appraised to ascertain its true condition. They must see features, such as the number of bedrooms and bathrooms, the location, and so on, to ensure they exist and are in the condition a reasonable buyer would expect. The inspection often includes a sketch of the property to ensure the correct square footage and convey its layout. Most importantly, the appraiser looks for any obvious features – or defects – that would affect the house’s value.
Once the site has been inspected, an appraiser uses two or three approaches to determine the value of real property: a cost approach, a sales comparison approach, and, for rental property, an income approach.
Mon 09:00 am – 07:00 pm
Tue 09:00 am – 05:00 pm
Wed 09:00 am – 05:00 pm
Thu 09:00 am – 05:00 pm
Fri 09:00 am – 05:00 pm
Sat Closed
Sun Closed
Clearwater 727-244-8412
Cape Coral 239-234-3998
Certification #RD 7907
info@myfloridahomeappraisal.com
