There are 3 types of appraisals that can be ordered depending on the property. The most common form that is ordered from an estate appraiser Minnesota is a Summary Appraisal. In terms of valuations, they are commonly used for divorces, listing prices, estates, liquidation, insurance claims and foreclosures. A self-contained appraisal is extremely detailed and used primarily for commercial properties. Lastly, a restricted appraisal is the least common and the use is solely for the intended purposes of the client and no other parties.
In taking a property evaluation, both internal and external amenities must have a value assigned to them. As an objective third party, an appraiser values construction, square footage, bathroom and bedroom numbers, and lot size. In addition an appraiser will take notes of HVAC systems, roof, pool, decks, fireplaces and any other improvements that were made to the property since the purchase date. A line item list of amenities should be reported to the appraiser so that proper documentation of all new additions can be noted for the report.
An estate appraiser Minnesota will also take notice of your immediate neighborhood. If a residential property is remotely close to a commercial property the value will be affected. The appraiser will take note of neighborhood recent sales and new structures. Shared amenities such as community well water may have an impact on the value of the house as well.
What you can do as a client to help out with your appraiser is collect documents they will need to assess the estate value. Show the deed or a sales contract prior to the report or during an assessment. Aside from providing current tax records, ask a local Realtor to compare recent sales through the Multiple Listing Service (MLS), and confirm zoning requirements in your neighborhood through your local city governance offices will help provide crucial information to your appraiser.
By law, an appraiser is required under the Equal Credit Opportunity Act (ECOA) to provide the client with a copy of the report upon written request. Any discrepancies within the reported should be reported to the lender immediately. There are several ways in which the appraisal can be challenged and that is either internally with the lender or externally requesting another appraiser to value the property to perform a full report.