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What is an Appraisal?
Certified appraisers provide written opinons of value that is valuable in court proceedings, bankruptcy, divorce, and other private and/or legal matters. A competent appraisal report has: • A cover document explaining in detail what type of value is being sought ("purpose") and how the appraisal is to be used ("function" or "assigned use"). • The methodology and resources relied upon, including market analysis and market(s) selected. • A complete and accurate description of the property written in such a manner that it can be identified without photos. • The date(s) and location of inspection, and the effective date of value. • A statement by the appraiser that he or she has no financial interest in the property or that such interest in the property is disclosed in the report. • The appraiser’s qualifications and signature. Do not accept an appraisal if: • It is handwritten or unsigned. • The fee is based on a contingency or upon the value of the property • The appropriate "purpose" and "assigned use" are not stated. • The item is beyond the appraiser’s expertise. • The appraiser is not willing and able to defend it in court (subject to the appraiser’s availability, and separate fee arrangement). |
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