Q: What exactly is an appraisal?
A: An appraisal is the process of developing an opinion of property value. A thorough appraisal involves three things:
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research into relevant market areas
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assembly and analysis of information pertinent to a property
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the knowledge, experience and professional judgment of the appraiser
Q: What is the role of the appraiser?
A: When working by the appraiser’s code of conduct – in other words, when working ethically – an appraiser provides objective, impartial and unbiased opinions about the value of property.
Q: Is Weber governed by any standards?
A: Weber appraisals are built upon a deep foundation of knowledge and a commitment to the highest possible standards. Weber Appraisal Services, Inc. holds certification from the following organizations
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National Association of Master Appraisers (MSA)
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National Association of Independent Fee Appraisers (IFAS)
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National Association of Home Inspectors (NAHI)
Q: What services does an appraiser provide?
A: An appraiser can provide information that will assist anyone who manages, sells, invests in and/or lends money on the security of real estate. Appraisal information is also beneficial to anyone who finds himself in a dispute over property. Weber has helped individuals and business owners as they:
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Plan and settle estates
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Prepare tax assessment reviews or disputes
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Resolve disputes – divorce, estate, property partition, foreclosures, zoning
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Study the feasibility of the purchase of or improvements to a property
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Provide testimony as an expert witness
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Study markets – rents and other trends
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Analyze cost-benefit
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Study land utilization
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Study supply and demand
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Prepare insurance claims
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Apply for refinancing or equity loans
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Determine remodeling expenditures
Q: Can an appraiser act as an expert witness in property disputes?
A: Choosing the right appraiser to provide expert testimony is critical. Legal decision makers want an unbiased, credible analysis of property presented in layman’s terms. Developing those skills comes only with experience. Make certain your expert witness has it.
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Q: How do I hire an appraiser?
A: Ask a lot of questions. Since a good one can save you several thousands of dollars, it’s critical to hire the most qualified appraisal team. Below are some criteria to consider:
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Licensure/Certification – state licensure is a minimum. Serious appraisers will hold multiple certifications and have invested in ongoing education.
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Experience – Is the appraiser’s experience relevant to your needs? Do they know the area well? Do they have repeat clients? Have they earned the respect of industry leaders?
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Time – How much time will the appraiser invest in your appraisal or inspection? Will they use generic formulas or irrelevant comparables or treat your appraisal as unique?
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Reports – What kind of information is included in the report? Is it based on good data? Will it enable you to make good business decisions?
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Fees – Does the service and the information you receive correlate to the price?
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Objectivity – Does the appraiser have affiliations with any organization or individual that might keep him or her from being objective?
Q: How much will it cost?
A: Appraisal and inspection prices vary greatly – as do the services you receive from an appraisal service. Weber is happy to discuss your specific needs and give you a free estimate before any work begins.
Q: What makes a qualified appraiser?
A: Weber appraisal Services, Inc. founder Jerry Weber has said, “Getting into the appraisal business isn’t difficult. Thriving in it is.”
An expert appraiser gets that way from upholding high standards and professional ethics, a commitment to continuous learning, painstaking attention to detail and a knack for the business. Evidence of those qualities is repeat customers, professional designations and years in business.
Q: What does a report look like?
A: Reports vary widely from appraiser to appraiser. A good report helps make good decisions. It presents meaningful data in addition to a bottom line value of the property.
Weber Appraisal reports typically include:
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Elements that effect value today or in the future.
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Observations/Insights
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Suggestions
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Comparables
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Market data
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Market trends
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Suggestions for potential changes
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Specific requirements of banks, courts, etc
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Estimate of value
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