When you buy a home, your mortgage lender will want to know whether the house you are interested in buying is worth the amount you are willing to spend. They need to check out the house for anything that can devalue or increase the property's worth. To do this, they require home appraisals for all borrowers.
Commercial property appraisal or property valuation is a process of establishing the worth of the property -usually the market value. These appraisals form the basis for mortgages, sales, mergers, taxation and so on. The market value of a property does not always equate to the cost to buy it.
Depending on the size and complexity of the property to be appraised, it might take less than an hour to several hours to inspect the property. Some clients perceive this as the entire process but the truth is that it is just the beginning. Appraisers research public ownership and zoning records, investigate demographic li...
Vacant Land Appraisal
To determine the market value of vacant land (any property with no buildings), you must look at a number of factors. It's a little different than trying to determine the value of a residential or commercial property. The market value of any property, put simply, is whatever someone is willing to pay for that property and other similar properties. That value, of course, is based on a few different attributes.