Where does an Appraiser get the information used to estimate value?
Gathering data is one of the primary roles of an appraiser. Data can be divided into Specific and General. Specific data is gathered from the home itself. Location, condition, amenities, size and other specific data are gathered by the appraiser during an inspection. General data is gathered from a number of sources. Local Multiple Listing Services (MLS) provide data on recently sold homes that might be used as comparables. Tax records and other public documents verify actual sales prices in a market. Flood zone data is gathered from FEMA data outlets, such as a la mode’s InterFlood product. And most importantly, the appraiser gathers general data from his or her past experience in creating appraisals for other properties in the same market.
Gathering data is one of the primary roles of an appraiser. Data can be divided into Specific and General. Specific data is gathered from the home itself. Location, condition, amenities, size and other specific data are gathered by the appraiser during an inspection. General data is gathered from a number of sources. Local brokers familiar with various neighborhoods of the Manhattan market provide data on recently sold apartments and townhouses that might be used as comparables. Additonally, tax records and other public documents verify actual sales prices of condominiums and townhouses, while managing agents or coop boards typically provide confirmation of sales of cooperative apartments. And most importantly, the appraiser gathers general data from his or her past experience and proprietary sales databases in preparing appraisals for other properties in the same market.
Gathering data is one of the primary roles of an appraiser. Data can be divided into two categories: Specific and General. Specific data is gathered from the home itself. Location, condition, amenities, size and other specific data are gathered by the appraiser during an inspection. General data is gathered from a number of sources. Local Multiple Listing Services (MLS) provide data on recently sold homes that might be used as comparables. Tax records and other public documents verify actual sales prices in a market. Flood zone data is gathered from FEMA data outlets, such as a la mode’s InterFlood product. And most importantly, the appraiser gathers general data from his or her past experience in creating appraisals for other properties in the same market.
Gathering data is one of the primary roles of an appraiser. The data gathered can be divided into two categories: specific and general. Specific data is gathered from the home itself, such as: location, condition, amenities, size and other data which is gathered by the appraiser during the inspection. General data is gathered from a number of sources. Grand Strand area Multiple Listing Services (MLS) provide data on recently sold homes in the Grand Strand area that might be used to compare properties. Tax records and other public documents verify actual sales prices in a market. Most importantly, the appraiser gathers general data from his or her past experience in creating appraisals for other properties throughout the Grand Strand market.
