Appraising the Value of Your Home
Whether you're planning on selling your home or purchasing a new one, you want to know what its value is. At Mark S Bounds Realty Partners, we're fully capable of appraising any residential property, then serving as your broker as well.
No residential property is too large or too small for our appraisal services. Our staff is fully educated in all facets of real estate property appraisals and adheres to all the current government standards and requirements. Mark S Bounds Realty Partners is a member of the REALTORS® Land Institute as well as the Appraisal Institute.
The ability to understand how the value is derived for real estate assets is a key discipline of any astute real estate advisor. At Mark S Bounds Realty Partners, we provide you with precise real estate valuation and consulting services in every category of the real estate spectrum.
J Shelton Bounds
Manager, Residential Appraisals/Sales
Certified Residential Appraiser RA-841
Licensed Sales Associate
What is an appraisal?
An appraisal is a licensed appraiser’s opinion of value. The preparation of an appraisal involves research into appropriate market areas; the assembly and analysis of information pertinent to a property; and the knowledge, experience and professional judgment of the appraiser.
What is the role of the appraiser?
The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real property – providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.
What are the components of an appraisal report?
Most appraisals are reported in writing, although in certain circumstances, an appraiser may provide an oral appraisal. A written appraisal report generally consists of a description of the property and its locale, an analysis of the “highest and best use” of the property, an analysis of sales of comparable properties “as near the subject property as possible,” and information regarding current real estate activity and/or market area trends.
Who uses appraisals?
- Business Owners
- Homebuyers and sellers
The Intended Use of an Appraisal
An appraisal may be requested or required for many reasons.
- To facilitate the transfer of real property
- To help prospective sellers determine acceptable selling prices or prospective buyers decide on offering prices
- To establish a basis for the exchange or reorganization of real property or for merging the ownership of multiple properties
Many appraisal assignments relate to financing and credit.
- To assist the underwriter in establishing a value of security for a mortgage loan
- To provide an investor with a sound basis for the purchase of real estate mortgages, bonds or other types of securities
Other appraisals are requested to help resolve legal or tax issues.
- To estimate the market value of a property in eminent domain proceedings
- To estimate the market value of a property in contract disputes or as part of a portfolio
- To estimate the market value of partnership interests
- To estimate damages created by environmental contamination
- To estimate the assessed value
- To determine gift or inheritance taxes
- To estimate the value of the real property component of an estate
What are the most important considerations in the valuation of real property?
The value indicated by recent sales of comparable properties, the current cost of reproducing or replacing a building, and the value that the property’s net earning power will support the most important considerations in the valuation of real property
What qualifications must appraisers have?
At minimum, all states require an appraiser to be state-licensed or certified in order to provide appraisals to federally regulated lenders. They have fulfilled rigorous educational and experience requirements and must adhere to strict standards and a code of professional ethics.
Mark S. Bounds Realty Partners has been providing attorneys, accountants, and other advisors with reliable real estate appraisal services since 1991. Our commitment to your needs is nothing short of nationally competitive performance and reliability. Our approach with our clients is interactive. Our goal is to earn your trust on a repetitive basis throughout the real estate assignment. You may reach me directly with any questions that you may have regarding your appraisal needs.