Groover Companies, Inc.
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Common Questions

What is an appraisal?

A simple question deserves a simple answer right? Wrong! There is nothing simple about the appraisal process. The following definitions are the most accurate way to answer this question:

Appraisal - is an opinion of value. The term is also used to describe the act of developing and/or reporting an opinion of value. The act of appraisal is an art, and not a science.


Appraiser  - is a person who develops opinions of value. This definition though very short and matter of fact is extraordinarily simplistic when compared to the difficulty of developing a credible opinion of value. The appraiser attempts to develop a measure of value, based on a specific point in time, measuring radically broad variations of information that is occurring in an ever-changing economic environment, applied to a specific property, and then the client often expects a specific point price to define its value.


Value - is an opinion that tends to be unique to each person based on desire or need; which is usually influenced by environment and previous experience. There are as many definitions of value as there are personal opinions, but some definitions are commonly used such as “Market Value”. Even commonly used definitions of value often are understood differently among users of appraisal services; so it is very important that the client understand the definition of value being sought before an appraisal assignment is ordered. It is best to make sure that the appraiser understands the intended use of the appraisal and the question to be answered; so the appropriate value definition and the scope of work can be established.

 

Price - is a factual determiner of trade. It may establish an offer or be the executed consummation of an agreement. Price is not an opinion, but is commonly used as a measure of a value. Note: Price and Value are not synonymous terms, they are often very different!

Why would someone need an appraisal?

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To obtain a loan

*To Lower your tax burden

*To establish replacement cost of insurance

*To contest high property taxes

*To settle an estate

*To determine a reasonable price when selling real estate

*If involved in a lawsuit

*To provide a negotiating tool when purchasing real estate

*Because a government agency requires it

What is an Estate Appraisal?

An estate appraisal is completed on “real property“ land and/or buildings, meaning property that is tangible, and all the rights and responsibilities associated with that property. This includes not just homes and buildings in urban, suburban and rural areas, but timber rights and other rights associated with land that has no structure, and ad valorem (property tax).

Appraisals provided on real estate are most often completed for buying and selling the property or activity related to finance such as refinancing, lending, insurance, estate taxes, property taxes, and eminent domain (condemnation).

This appraisal is also usually required for the equal distribution of the contents of an estate, and can be due to a death or possibly a divorce where the contents must either be liquidated or divided. The appraisal of the personal property of an estate is also usually required.


How long does an appraisal take?

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Residential properties- our typical turn around time is one or more days.

* Commercial properties- our average turn around time is two weeks or more.
      
* Turn around time varies with each property type. A projected expected due date will be provided to you upon the confirmation of the appraisal order.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 









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