What Is Appraising? | How Can I Ensure That I Get a High-Quality Appraisal? | Are There Specialized Fields of Appraising? |

What Should I Look for in a Written Appraisal Report?

The means through which the results of the appraisal are communicated to you, the client, is the written appraisal report. This is your documentation of the appraised value of your property and the way that value was estimated (for this reason, ASA recommends that consumers store appraisal documents and home inventory for insurance purposes in a safe deposit box and make a copy for home files).

Appraisal reports must meet a large number of criteria in order to be accepted by many parties (including the IRS) and to hold up in court. An appraisal report you are paying for should answer the value questions you have asked in a manner that you understand and that is objective, descriptive and documented. It should clearly

• State the kind of value being determined (such as fair market, liquidation, replacement, reproduction, etc.)
• Describe the properties being valued (including photographs)
• Detail the procedures used to estimate the values, such as analysis of comparable sales; estimation and analysis of income (if applicable); and the effective date of the appraisal (e.g., fair market value of the real estate as of January 1)
• Be signed by the individual who made the appraisal and who is responsible for its validity and objectivity (to you and to third parties)
• Specify the personal qualifications of the appraiser

For More Information or for a Referral to an ASA-Accredited Appraiser.

Web: www.appraisers.org
Phone: (800) 272-8258 or (703) 478-2228
E-mail: asainfo@appraisers.org
Fax: (703) 742-8471
Write: American Society of Appraisers . P.O. Box 17265 . Washington, DC 20041