What Does A Real Estate Appraiser Do?

Develop and explain a property-value opinion

A real estate appraiser studies a property and the market for an agreed purpose and effective date, then writes a report showing how the evidence supports the value. Visiting the property is one part of that work.

Define the assignment

The property, the intended use, the intended users and the valuation date shape the scope. A homeowner's decision today and a past-date estate matter can need different evidence and instructions.

For a Wilmington request, tell us what decision or filing the report supports. If your attorney, accountant or another recipient has requirements, share them before we begin.

Observe the property

Depending on the scope, we visit to measure, take photographs and record size, age, layout, features and condition. Property records, plans and a dated improvement list help explain things that aren't obvious on site.

An appraisal doesn't replace a specialist inspection for hidden defects. Tell us about any known condition issues and access limits.

Research and analyze the evidence

We review relevant sales and other market information, check the property's details and think about how it differs from the comparison properties. A home that is close by isn't always close in value.

The analysis may use sales comparison, cost or income approaches, whichever fit the property and the assignment. The report should explain the methods and the reasoning behind them.

Prepare the report

The written report describes the property, the assignment and the analysis behind the conclusion. Research and writing keep going after the visit. How long it takes depends on complexity, access, the evidence available and reporting requirements, so we'll confirm timing with you separately.

Different property types call for different expertise

Residential work covers homes and related residential property. Commercial, industrial and agricultural assignments involve other property types and may need different expertise. A general description of the profession doesn't mean every provider does every kind of work.

Where the work is used

Appraisal work can support lending, sales decisions, estates, divorce, assessment questions and other defined purposes. Find out first what the report's recipient requires. If it's for a loan, ask the lender about its ordering process.

Some appraisers are employees and others run independent practices. Either way, the work takes research, comfort with numbers, clear writing and independence from any hoped-for outcome. Wondering whether we can help with your situation? The number is (302) 298-3336.