OUR SERVICE AREAS
Allegheny County, Beaver County, Butler County, Fayette County, Greene County, Washington County, Westmoreland County
In recent years, our firm completes about 3,500 appraisals annually in southwestern Pennsylvania.
FEES & TURN TIMES
Each appraisal fee is determined by the scope of work involved in the appraisal process. The scope of work for the appraisal process is influenced by the location, size and type of property, and turn time required. A fee quote and turn time is provided on the same day as initial contact or by the next business day. Typically, we can furnish a written residential appraisal within a period of 7-10+/- business days. Expedited service can be provided if necessary. This holds true for all properties in Allegheny and adjoining counties.
WHAT IS AN APPRAISAL?
Appraisals are a process that appraisers use to estimate Market Value. MARKET VALUE is defined by the Appraisal Institute as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date, and the passing of title from seller to buyer under conditions whereby:
1. buyer and seller are typically motivated.
2. both parties are well informed or well advised and acting in what they consider their own best interests;
3. a reasonable time is allowed for exposure in the open market.
4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale.
The process involves identifying the property rights being appraised, data collection and analysis, highest and best use study, considering and applying the appropriate approach(es) to value, the reconciliation of the approach(es) and the development of the value estimate.
Appraisals are useful for identifying a financial interest in real estate as of a specific date. The valuation can assist the client in a potential sale, tax appeal, estate planning, equitable distribution, or mortgage transaction.
The appraiser generally will make contact with the point of entry within 3-5 days of engagement to schedule a convenient time for an inspection of the subject property. The inspection consists of an interior and exterior viewing of the improvements and site. The purpose of the inspection is to ascertain the true status of the property. This includes measuring the dwelling to ensure accurate square footage, drawing the floor plan, viewing the living areas, bedrooms, and bathrooms to determine their condition. Photographs are taken at the time of the inspection and included in the written report. The inspection requires approximately 30-60 minutes on site.
The complete appraisal report is delivered in an electronic format on an as needed basis. This generally takes place within 7-10+/- days of inspection. A hard copy can be provided upon request. Time frames can vary based on complexity and appraiser’s work volume. Requests made for expedited service are routinely accommodated.