![]() Generally speaking, the Sales Comparison Approach is the most definite indicator of market value of a residential property. One of the three is the Cost Approach - which is how much capital would be required to replace the improvements, minus physical deterioration and other factors, then adding the land value.Īnother of the processes is the Sales Comparison Approach - which concerns discovering a comparable analysis to other similar properties within a close proximity which have recently sold. There are three "common approaches to value" which assists the appraiser conclude this opinion or estimate. The appraisal process is an evaluation that produces an opinion of value. What is an appraisal? (Go to list of questions) How does an appraiser define "Market Value"?ĭoes the appraisal belong to the bank or the consumer? ![]() What exactly is PMI and how can I get rid of it?ĭoes the appraiser need anything from the homeowner in advance? ![]() Where does Kelly Appraisals get the information used to estimate values in Elkhart County or other areas? What does it mean for an appraiser to be licensed? Once the assignment is done, what guarantee is there that the final number is veritable? What can I expect to see in my appraisal report? What is the difference between an appraisal and a comparative market analysis (CMA)? How is an appraisal different than a home inspection? Why would someone require a real estate appraisal? Kelly Appraisals is always ready to talk to you about any inquiries you might have about appraisals or real estate in Goshen and Elkhart County. (Note: If you're an appraiser, click here to find out more about XSites and how they help your business.)Ī la mode and its products are trademarks or registered trademarks of a la mode technologies, llc.Ĭopyright ©2023 a la mode technologies, llc.Kelly Appraisals has answers to "Frequently Asked Questions" ![]() They generally produce a commercial narrative appraisal when engaged for any commercial assignment. They can also help consult on construction costs and projected absorption rates. If you're a commercial lender, investor, builder, contractor, architect, or agent, you'll want to use these appraisers to conduct a feasibility analysis of any income producing real estate project you may be considering. Regardless of the property type or local zoning, they'll determine the highest and best use of the project and assess the value using the actual or projected cash flow from the property's rent roll and financial statements, using both cap rates for capitalizing year one net operating income (NOI) and discounted cash flow (DCF) of multiple future income streams. These appraisers also perform valuations on commercial property ranging from single to multiple tenant office buildings, shopping centers, retail, industrial, malls, hospitals, health care facilities, warehouses, and hotels to multi-family apartment buildings, co-ops, senior housing, condominium developments, and even vacant land, agricultural, and golf courses. They can do an appraisal for VA, FHA, conventional, jumbo, and Fannie Mae or Freddie Mac purposes, and routinely provide those reports on URAR, drive-by, and 1004 MC (1004 Market Condition) forms as well as others. A licensed and certified appraiser's estimates of value on residential single family homes, condos, townhouses and more are much better than what you'll find when using an AVM (automated valuation model) or a BPO (Broker Price Opinion). They also can determine if there's any effect on the value of your home from pending foreclosures, REOs, and other "short sales" in Elkhart County. They use the local MLS (Multiple Listing Service) to gather data on sales and listings and use them to professionally tell you what the price per square foot should be for your home and others in your area. They obviously also appraise new construction homes as well as existing homes, and can do it for a home listing, before or after a sale. Whether it is appraising your home for a property tax appeal if your property taxes are too high, valuing your home for estate work or a divorce or helping you secure a HELOC, a local appraiser is best. "What is my house worth?" These real estate appraisers can answer that and much more all over Elkhart County. Providing appraisals in: Bristol, Elkhart, Goshen, Middlebury, Millersburg, Nappanee, New Paris, Wakarusa ![]() Real Estate Appraisers in Elkhart County, Indiana Find A Licensed Real Estate Appraiser in Elkhart County, Indiana ![]()
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