Residential Appraisal Services

To determine the true status of the property, it's our responsibility to conduct a property inspection. We must see features firsthand, such as the number of bedrooms and bathrooms, the location, living areas, etc., to ensure they truly are present and are in the condition a typical person would expect them to be. We verify that the stated square footage is accurate and describe the interior layout of the property, the inspection usually includes creating a sketch of the floor plan. Most importantly, the appraiser looks for any obvious amenities - or defects - that could affect the value of the property. When Appraising property, the appraiser employs two or three approaches when determining the value of real property: a sales comparison, a replacement cost calculation, and an income approach if it is a rental properties are prevalent.

Here, we gather information on local building costs, labor rates and other elements to figure out how much it would cost to construct a property comparable to the one being appraised. Unless it is a new construction, It's the Least used method.

Appraisers become very familiar with the neighborhoods in which they appraise. We Thoroughly understand the value of certain features to the homeowners of that area. Then, the appraiser looks up recent sales and finds properties which are 'comparable' and close to the property being Appraised. Using knowledge of the value of certain items such as fireplaces, room layout, appliance upgrades, additional bathrooms or bedrooms, or quality of construction, we adjust the comparable properties so that they more accurately match the features of subject. For example, if the comparable has a rear covered patio that the subject does not, the appraiser may subtract the value of that covered patio from the sales price of the comparable home. The same is done to other items for example: Bathrooms Half bathrooms Fireplaces In the end, the appraiser reconciles the adjusted sales prices of all the comps and then derives an opinion of what the subject could sell for. This approach to value is most often awarded the most importance when an appraisal is for a home sale.

In the case of income producing properties - rental houses for example - a third approach to value may be used. In this situation, the amount of income the property produces is taken into consideration along with other rents in the area for comparable properties to derive the current value.

Examining the data from all the approaches, the appraiser is then ready to stipulate an Estimated market value for the property in question. It is important to note that while this amount is probably the most reliable indication of what a property would sell for in an open market, it may not be the price at which the property closes. Depending on the specific circumstances of the buyer or seller, their level of urgency or a buyer's desire for that exact property, the closing price of a home can always be driven up or down. But the appraised value is often employed as a guideline for lenders who don't want to loan a buyer more money than the property would likely be sold in an open marketplace. At the end of the day: An appraiser from GSM APPRAISALS, LLC will guarantee you get the most accurate property value, so you can make the most informed real estate decisions.

To help the appraisal go as smoothly as possible we generally recommend you take the following actions and prepare the listed documents, if available, for the appraiser.

· Unlock all padlocks on the property. · Keep a leash on pets or remove them from the property. · Make sure all areas of the home are accessible. · Remove any snow that will prevent access to the property. · Verify lock box combination and access keys are accessible, and do not lock the storm door from the inside. · Remove locks, furniture, clothing, boxes, or anything that may prevent entry to the attic, crawl spaces, furnace, and water heater. (FHA/VA) · Remove unneeded clutter from attic and crawl space so areas are accessible. (FHA/VA) · Safety equipment in house installed and working properly. · Replace light bulbs so rooms have adequate lighting. · Remove photographs of people from every room. · Outbuildings such as garages, sheds, pool houses, cabanas, etc. need to be accessible. (FHA/VA) · Ensure furnace and water heater are accessible. · Confirm heating and air conditioning are operational. (FHA/VA) · Ensure home appliances are unloaded such as the dishwasher, washer machine, dryer, etc. (FHA/VA) · Address any exposed wiring in living area and install faceplates covers if missing. · Repair small things like leaky faucets, missing door handles, and trim. (Recommendation) (FHA/VA) · Mow your yard and trim your bushes or trees (Recommendation) · Remove photographs of people from every room. (Underwriter requirement)

If the Information is not readily available in public records, usual documents required by the Appraiser if available. · A survey or plot map of the property and building (if readily available). · Copy of original house plans if available. · Records on the purchase of the property in the last three years. · Information on any written private agreements, such as a shared driveway with a neighbor. · A list of any personal property that is part of the home and you intend to be sold with the home, such as an oven, or a washer and dryer. · Title policy that lists encroachments or easements. · Most recent real estate tax bill and or legal description of the property. · Any inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well. · A list of any major home improvements and enhancements (for example, the addition of central air conditioning or roof repairs). Please include the purchase and installation date, along with permit confirmation if available. · If applicable, provide the condominium budget and year-end statement.