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Appraisal check list

Property Information

Obtain complete property details (address, legal description, lot size, etc.)

Review any existing property surveys, site plans, or blueprints

Gather copies of property tax records and assessments

Collect information on any recent renovations or improvements made to the property

Note any environmental concerns or previous issues with the property

Comparable Sales

Research recent sales of similar properties in the area

Identify at least three comparable properties and gather relevant data (sale price, size, location, amenities, etc.)

Analyze the similarities and differences between the subject property and the comparables

Determine the adjustment factors needed to make accurate comparisons

Market Analysis

Conduct a thorough analysis of the local real estate market

Consider factors such as supply and demand, economic conditions, and current trends

Determine the property's market value based on the market analysis

Physical Inspection

Schedule a visit to the property for a physical inspection

Assess the condition of the property's exterior and interior

Take note of any repairs or maintenance issues that may affect the property value

Evaluate the overall curb appeal and condition of the surrounding neighborhood

Income Analysis (if applicable)

Gather income and expense data for income-producing properties

Calculate the net operating income (NOI) using accurate financial records

Determine the capitalization rate based on market conditions and comparable properties

Apply the appropriate capitalization rate to estimate the property's value

Cost Approach (if applicable)

Assess the cost to replace or reproduce the property in its current condition

Factor in depreciation and obsolescence to derive the property's value

Consider the land value separately from the improvements

Final Valuation

Compile all the gathered data, analysis, and calculations

Apply appropriate valuation methods to determine the property's final appraised value

Prepare a comprehensive written appraisal report including all relevant details and findings

Note: This checklist is a general guideline and may vary based on specific requirements and regulations in different real estate organizations and regions. It is advisable to consult with a certified appraiser or follow any applicable industry standards and guidelines.

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