What will the appraisal report be like?
If you contract for a formal appraisal, you will receive two copies of a written appraisal report that includes the following: – A statement of the purpose and intended use of the appraisal. – A detailed description of the subject property including the age, history, construction, materials, dimensions, and condition. – An explanation of the methodology employed by the appraiser. – A list of comparable objects used in the appraisal. – A statement, signed by the appraiser, that he has no current or future interest in the appraised object and that the appraisal report conforms to the standards and procedures of the Uniform Standards of Professional Appraisal Practice (USPAP). – A clearly defined appraised value. – The effective date of the appraisal. – The appraiser’s professional qualifications.
