What does it mean to Apraise a house?
A home appraisal is when a licensed professional comes to your house to assess its value. The appraiser determines home value based on market conditions, home amenities, curb appeal and more.
What is a retrospective appraisal?
An appraisal performed at the present time with an effective date as of a date in the past is technically known as a Retrospective Appraisal. Retrospective appraisals may be needed for a variety of reasons including; Property tax appeal – valuation for a specified tax year. Litigation – valuation as of the date of loss.
How do you Retroactive an appraisal?
In order to facilitate the appraisal of property as of a date in the past, you may need to provide records such as deeds, inspection records or photographs that can substantiate the condition of the property at the time the records were created.
What is the effective date on a retrospective appraisal?
The effective date can, of course, be any date, consistent with the needs of the client and the intended use of the appraisal. Fannie Mae and Freddie Mac require that the effective date must be the date that the property was inspected.
What are the three ways to value a property?
Appraisers use three real estate valuation methods when determining a home’s value: the sales comparison approach, cost approach, and income capitalization approach.
How many approaches to value do appraisers use?
There are three types of approaches to value and they are sales comparison approach, cost approach and income capitalization approach. The sales comparison approach is the most commonly used approach in real estate appraisal practice for determining the value.
What is a 1007 appraisal?
Single Family Rent Schedule (Form 1007) The single family rent schedule is used to estimate market rent by the appraiser. Typically the appraiser analyzes three rental properties that share or bracket significant rental characteristics with the subject property.