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Property Assessment Process

by Brianna - September 13th, 2011.
Filed under: News. Tagged as: , .

The process of assessing real estate is a particular sequence, which provides a process for collecting and analyzing data for the valuation of property and execution of evaluation results appropriate report. To put it more succinctly, the assessment process must ultimately answer the fundamental question: How much is your property? Like any sensible kind of activity, the process of property valuation begins with a statement of the problem (problem definition). At this stage the identification of an object and identify the direct object of the forthcoming evaluation. Determined to what is being assessed, are set purpose, function and date of assessment. Fixed form and shall be the estimated value of restrictive conditions and is acquainted with the customer. At the second stage the plan and sign a contract for real estate appraisal. At this stage a schedule of the assessment, the evaluation methodology selected is determined by the expert group of appraisers.

Then, as a rule, we discuss the remuneration for the services to assess and This stage ends with the preparation and signing of an agreement to conduct the assessment. The next step is to collect and analyze data. This stage involves the direct inspection of the subject being evaluated. The evaluator collects general and specific data, verifies the completeness and accuracy of the data, performs analysis and processing of the data. The fourth step is to analyze the highest and best use.

Appraiser substantiates a legally selected the option of using the site or property based on the physical features, the economic feasibility and maximum productivity. Finally, the fifth stage of assessment value of the object on the basis of three common approaches: market, cost and income. The process of evaluation of the property agreement between the results obtained using different approaches. This phase includes all necessary checks: verification of data, assumptions and conclusions of mathematical calculations and formulate a final conclusion on the assessed value (assessed value of synthesis obtained using three approaches, one final conclusion about the estimated value).

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