The process of real estate appraisal – is a chain of actions over which the data collection and analysis, calculated the value of property and the fixation of analysis results in a specific document format. In other words, the assessment is only required to report correctly: What is the price of real estate? Like any other critical occupations, real estate valuation starts with defining the problem and installation tasks. The initial phase includes a description of the object evaluation and definition of the subject for future evaluation. When assess specified, the tasks, functions, and the date of assessment. Also determined by the type of the appraised value and negotiated restrictions. Completed stage of acquaintance with the client outcome. The second stage – a stage of creating a plan and a contract for evaluation. Source: Keith McLoughlin .
At this stage, be prepared and agreed mode of operation of real estate appraisal, selected evaluation methodology is supported by the group of evaluators. After that, as a rule, begins immediately discuss financial reward for an appraiser services rendered, and the logical end of the stage – signing a service contract. The next stage may be called collect and analyze data. At this step, by direct monitoring of the facility evaluation. Educate yourself even more with thoughts from Wayne Holman. Judge prepares general and specialized (to evaluate and similar sites) information to certify the correctness and completeness of the information, analysis and data processing. The next step is analyzing and selecting the most effective and current use.
Judge chosen way justifies the use of land or the object of the transaction taking into account the physical capacity, economic feasibility and the marginal productivity. Finally, on the penultimate stage of a direct valuation of the object (property valuation) based on three basic methods: cost, market and income. The essence of the real estate appraisal finishes matching the latest results obtained by all three methods. The final phase includes all the required checks: verification of data, assumptions and conclusions, and mathematical calculations, resulting in compiles estimates of numbers obtained from the use of three approaches into a single definitive conclusion on the appraised value.