Understanding the Appraisal Process
Every appraisal begins with understanding your situation.
Our initial conversation helps us understand why the appraisal is needed, the property involved, and the decisions it is intended to support. We'll answer your questions, explain what to expect, and identify the information needed to determine the appropriate scope of work.
By the end of that conversation, you should understand what comes next and how the appraisal will support the decisions ahead.
What happens during the inspection?
The inspection gives us an opportunity to understand the property firsthand. We examine characteristics such as condition, construction, materials, markings, age, and quality—information that helps identify the property and determine what research may be needed.
Questions often emerge during the inspection and help guide the research that follows. The extent of the inspection is tailored to the property, the purpose of the appraisal, and the decisions it is intended to support.
Firsthand observation provides an important factual foundation for the analysis and conclusions that follow.
Why does research matter?
Research builds upon what we learn about the property and helps answer the questions that matter to the appraisal.
The amount of research depends upon the property and the purpose of the assignment. Familiar objects may require relatively little additional research, while unusual or significant property may require considerably more.
Research also involves evaluating the reliability and relevance of the available evidence.
The objective is not to perform the maximum amount of research possible, but the appropriate research necessary to support a credible opinion.
How is the information analyzed?
Analysis brings together what we learn through inspection and research and considers that information within the purpose of the appraisal.
Sometimes the evidence points clearly toward a conclusion. Other assignments require additional investigation, comparison, and judgment before the available information can be properly understood.
Professional judgment determines how the evidence fits together and supports the resulting opinion of value.
Analysis produces an opinion of value.
An opinion of value is not selected. It is developed.
The appraiser considers the available evidence, the purpose of the appraisal, and what the inspection, research, and analysis have revealed. Professional judgment is then applied to determine the conclusion most credibly supported by that information.
The resulting opinion is more than a number.
It is the reasoned conclusion of the appraisal process.
What does the appraisal report provide?
The appraisal report communicates the opinion of value and the information necessary to understand how that opinion was developed.
It identifies the property, purpose of the appraisal, scope of work, relevant evidence, and reasoning supporting the conclusions. The level of detail and documentation is appropriate to the intended use of the report.
The result is a clear, well-supported report that others can rely upon when making informed decisions.
How does the completed appraisal support the decisions that follow?
The completed appraisal is not simply the end of the appraisal process. It provides reliable information for the decisions that follow.
Whether the appraisal involves an estate, trust, insurance, charitable contribution, litigation, collection, or another responsibility, the report provides an objective foundation for moving forward.
The value of the appraisal lies not only in the opinion itself, but in the clarity and confidence it provides to those who must decide what comes next.