Quick answers to some common questions.
If you don't find the answer you are looking for contact us.
+ What is an appraisal?
An appraisal is a written opinion of the market value of a property, such as a home or business, as of a specific date. Preparred by a qualified appraiser, it represents an independent and impartial analysis of all the relevant data. Because market value is not apparent simply by inspection, an appraisal is usually required when a property is sold, taxed, insured or financed.
+ Why do I need an appraisal?
An appraisal is used in making real estate decisions. An appraisal may be needed in the following circumstances:
- setting a price for buying or selling or collateral value for financing
- determining just compensation in condemnation proceedings
- assisting in real estate or personal income tax matters
- setting rent schedules and lease provisions
- determining the feasibility of a project and assisting in insurance matters
- estimating liquidation value for forced sale or auction proceedings
- determining supply and demand trends in the market
+ Does your company do single family residential appraisals?
We currently do not have a residential appraiser on staff but we do complete appraisals for litigation on single family homes.
+ What would an appraiser do for me?
In any transaction, there is always a question of actual value versus perceived value. An appraisal protects you and your buyer or seller by eliminating value oriented risks which can include:
- selling too low
- paying too much
- being over or under insured
- not getting a fair share in division of property
- overpaying in taxes
- being audited for a deduction
+ What's included in a typical appraisal report?
Prior to the start of your appraisal, you will specify with your appraiser what you want within the bounds of the Uniform Standards of Professional Appraisal Practice (the standards appraisers are governed by). Generally, an appraisal report is completed in a narrative format, from 40 to 100 pages. It details your assignment and provides an indepth analysis of the community and area, a detailed site and building description, a zoning analysis, a highest and best use analysis, an indepth discussion of 1-3 different approaches to value, and a recommendation of the most appropriate valuation to use.
+ How long does an appraisal take?
Time to complete an appraisal is dependent on the type of property and depth of research required to complete. A typical appraisal can take 1 to 2 weeks after the property is inspected.
+ What qualifications are appraisers required to have?
Qualification is dependent on the level of complexity of the assignment. In South Dakota, less complex assignments are completed by State Licensed Appraisers while the more complex are completed by Certified General licensed appraisers.