An appraisal is a licensed appraiser's opinion of a home's market value based on comparable recent sales of homes in the neighborhood. Appraisals are usually ordered on behalf of a buyer's lender to protect the interests of the lender. The lender's underwriter will compare the appraisal price to the final purchase price of the home to ensure the buyer is not borrowing more than the house is worth. If the home appraises lower than the final sale price, the buyer may be able to renegotiate a lower price with the seller. If the seller won't lower the price, the buyer's lender may ask that the buyer put more money toward the down payment in order to make up the difference. Get an instant estimate of your home's value or learn how to increase your home's appraisal value.
However, the recent trend of the business tends to be toward the use of a scientific methodology of appraisal which relies on the foundation of quantitative-data, risk, and geographical based approaches. Pagourtzi et al. have provided a review on the methods used in the industry by comparison between conventional approaches and advanced ones.
But the most common reason for value differing from price is that either the buyer or the seller is uninformed as to what a property's market value is but nevertheless agrees on a contract at a certain price which is either too expensive or too cheap. This is unfortunate for one of the two parties. It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price.
The technical details of practice of real estate valuers in Russia are aligned with the international pattern. Members of the Russian Society of Appraisers formerly were bound by the observance of the International Valuation Standards. There also exists a set of 14 general-purpose government-developed "Federal Valuation Standards" (FSOs 1,2,3 --are the general valuation standards first adopted in 2007 (and revised 2015) and covering Terms of engagement and Valuation report content requirements, FSOs 7-11 are asset-specific standards adopted in 2015, while FSO 9 is currently the only purpose-specific standard in the set dealing with valuations of property for loan security purposes; the last two FSO standards adopted in 2016 cover determination of investment and liquidation values, however, they do not touch on the methodology for determining these values, only scraping the reporting requirements). In view of the international conformity drive in the latest round of FSO standards setting, general requirements in the new FSO standards are close to those in the International Valuation standards set, however they can be more specific on occasion and mandate compulsory disclosure of uncertainty in valuation reports using the interval/range format.
Please note: The discipline and specialty of each appraiser in this search are verified by ASA. Other items on an appraisers’ profile (such as keywords or information on a resume) are self-reported by our members following the ASA requirement for them to abide by the ASA Principles of Appraisal Practice and Code of Ethics and the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice.
Real estate valuation in New Zealand is regulated by the New Zealand Institute of Valuers ('NZIV') and the Valuers Registration Board of New Zealand ('VRB'), both of which are statutory bodies established under the Valuers Act 1948 (NZ). The NZIV remains the statutory professional body for valuers in New Zealand, with perpetual succession under the Act (which is under review as at 2015). The NZIV can make Rules as lower level legislation and has a Code of Ethics. The NZIV Rules were last changed in 2012 and remain current. The VRB has jurisdiction in relation to serious matters affecting the registration of a valuer including discipline where a valuer has acted in such a way as to meet the threshold. The Valuers Act 1948 sets the threshold under s31 as matters where a valuer could be struck off the register of valuers. The NZIV has power for discipline for relatively more minor matters. The NZIV governs NZIV members and has power to discipline members and fine them up to $500, admonish members or terminate their membership. The designations "Registered Valuer" and "Public Valuer" are legally protected under the legislation, being reserved for Valuers Registered under the Act. The NZIV, under the Act, can admit non-valuer members (such as non-valuer land economists).
In Russia, on par with many other former Soviet Union economies, the profession emerged in the first half of 1990, and represented a clean break with the former practice of industry-specific pricing specialists and with activities of statutory price-setting authorities in the Soviet Union. Currently, property valuation, as it is called, is a specialism within general-purpose "valuation profession", which functions in a self-regulatory mode overseen by "self-regulated professional organizations" of valuers (SROs), i.e. public supervisory entities established under provisions of special legislation (which very loosely can be likened to trade unions). The principal among those is Russian Society of Appraisers, established in 1993 and presently exercising oversight over about half of the valuation profession membership. Among its 6000+ members a sizeable majority are real property valuers, rubbing shoulders with business and intangible assets appraisers. The latter categories of valuers are also allowed to value property, though valuation professionals tend to specialize. In late 2016, it was mandated that valuers should pass through compulsory state-administered attestation process to verify their competence, the details of which as to breakdown in specialization or otherwise remain to be hammered out.
Congratulations to Rick Singh, CFA, and the Office of the Orange County Property Appraiser for this week's recognition by the International Association of Assessing Officers (IAAO)! We received the Certificate of Excellence in Assessment Administration for "demonstrating the highest levels of managerial excellence and consistent utilization of practices that exceed the guidelines ... in property assessment administration practices." Shown in the photo (L-R) are Jeff Miller, Terry Taylor, Roger Ross, Tatsiana Sokalava, Rick Singh, Ron Sullivan, and Fred Hill.
The Trainee Appraiser level does not have an experience requirement. Each Trainee Appraiser must be supervised to get the required hours of experience before applying for the Licensed Residential Appraiser level. Locating a certified appraiser is a very important step to becoming an appraiser. The trainee and supervisory appraiser must keep a log of work completed that will be reviewed when the trainee applies for any license to the state regulatory body. Effective January 1, 2015, all new Trainee (Beginning) Appraisers and Supervisory Appraisers are required to complete an approved Supervisor/Trainee course before they will be able to log experience hours.
Remember this: appraisers are looking at the condition of what’s permanently part of or attached to the house. They’re not evaluating the décor or furniture or anything that’s not affixed to the property; what’s most important are your home’s physical characteristics (age, square footage, the number of bedrooms and baths, lot size, location, view) as well as their observable condition.
If you're looking for an appraisal firm with the best commercial property appraisers in Saint Petersburg, you've come to the right place - we're the #1 appraisal company for privately procured commercial real estate appraisals in and around Saint Petersburg. All our Saint Petersburg commercial appraisers have extensive experience in performing a wide variety of commercial property appraisals. When choosing a commercial real estate appraiser, bear in mind that experience really matters. And a commercial appraisal is only as good as the commercial appraiser who produces it. Most people are surprised to learn that to become a state certified commercial property appraiser in Saint Petersburg, a candidate must spend at least three years in training learning the practices and procedures of commercial real estate appraisal. They spend this training period under the supervision of one or more seasoned and highly trained commercial real estate appraisers. And although the initial three-year training process is thorough, many more years of real world experience are required to become truly proficient. That's why all our appraisers have an absolute minimum of ten years of experience; and in fact, most of our appraisers have fifteen or more years of experience. So, if you need a commercial property appraisal in Saint Petersburg for your office, multi-family, retail, industrial, religious, mixed-use, or special use property, or for commercially zoned vacant land, call us for a free quote.
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