- Acceptance of the assignment
This step is a review of data received from the client to determine
the scope of the assignment. A decision is made to accept or reject
the assignment based on various factors including location of
the subject property, legality of request and competence of the
appraiser in the specific nature of the appraisal.
Step two is a detailed inspection of the subject property to collect
physical data and to familiarize the appraiser with the property
and the neighborhood. Digital Photos are taken of the subject
and comparable properties for inclusion in the final report.
- Data gathering and analysis
Data gathering and analysis of data is the process of assembling
data concerning the subject property and comparable sales from
all available sources including Multiple listing service, City
records, Plats and Surveys, Appraisers own files and familiarity
with the market area.
- Prepare report
All information gathered in the previous steps is now entered
electronically into the appraisal report format. This analysis
will provide the appraiser with the ability to develop an accurate
estimation of market value.
In this step the appraisal is electronically and manually reviewed
The final step includes signature by the appraiser and reviewer
and delivery to the client by hand delivery, mail, or electronically
(EDI or Fax).