How does the appraiser determine value?
It is first necessary to define the appraisal problem. In so doing it is necessary to identify the intended use and intended user. This is important, since the purpose can impact the final value by mere definition. Example: if the value need is for a “quick sale”, it may require a sampling of like properties with market times less than typical. Once the assignment begins, it is necessary to gather all possible information about the subject property. Comparable sales are searched for that are as recent as possible. The guidelines are that the comparables be less than 6 months old and within 1 mile of the subject. Please note that sales can’t be ignored or skipped over just to reach out and find higher sales farther away for a more favorable result. The sales must be similar in size, age, quality and style. If it is not possible to find closed sales in the immediate area, it may be necessary to expand the search to a wider range in distance as well as other distinctions. Keep in mind tha
