How is an appraisal done?
An appraisal is defined in the Dictionary of Real Estate by the Appraisal Institute as: (n) The act or process of developing an opinion of value.
An Appraiser is one who is expected to perform valuation services competently and in a manner that is independent, impartial and objective. USPAP 2014-2015 Edition, The Appraisal Foundation
The scope of work of an appraisal is dependent on the purpose of the appraisal and who will be using it. Most residential appraisal assignments rely on the Sales Comparison Approach which involves comparing the subject property with recent similar comparable sales, making adjustments for differences in amenities and characteristics and then reconciling the data. Depending on the intended use and type of property, the appraisal assignment may or may not include a cost approach and an income approach to value. While I typically view the property that I am appraising and take measurements, it is not always necessary for me to do this. The report provided can vary from a letter to a multi-page report with attachments, depending on your need for information about the property that I am appraising and the appraisal process. As an AQB Certified USPAP Instructor, you can be assured that my reports comply with USPAP.
What is USPAP?
USPAP stands for Uniform Standards of Professional Appraisal Practice. This document is developed, interpreted and amended by The Appraisal Standards Board of The Appraisal Foundation on behalf of appraisers and users of appraisal services. It sets minimum ethical conduct, competency rules and standards in the appraisal profession. All appraisers are expected to comply with USPAP and it is enforced by the state licensing agencies.
What is the cost?
The cost of an appraisal can vary widely depending on the scope of work. Most residential appraisals in the Portland area start at $500 but it can be less or more depending on how much work is needed. After we have discussed your specific needs I will be able to quote a fee for the assignment as well as an estimated turnaround time.
What areas do I cover?
I appraise Multnomah, Washington, and Clackamas counties.