PACKARD APPRAISAL LLC
FREQUENTLY ASKED QUESTIONS
You’ve Got Questions. I’ve Got Answers
Welcome to the Packard Appraisal LLC Help Center. I’ve pulled together some of the most frequently asked questions from my clients and compiled them here. If you still need answers, get in touch and I’ll do my best to help out.
What is an Appraisal and Why Do I Need One?
An appraisal is the act or process of developing an opinion of value which can be numerically expressed as a specific amount, as a range of numbers, or as a relationship to a specific amount. (AI Dictionary of Real Estate Appraisal, 7th Edition). For buyers, banking institutions, lawyers, sellers, IRS, an appraisal is an independent and un-biased assessment of value on a property. There are a number of reasons why a Client may need an appraisal done, but some include purchasing or selling a home, estate valuation, divorce dissolution of assets and/or simply curious as to what your property is "worth".
What is the Process?
Most appraisals require an inspection of the premises, and this is what most Clients ask about. An inspection can take from 30-90 minutes, depending on the complexity of the property. The Appraiser will take photos of the exterior and interior, noting different characteristics and the condition of the home and ask the Client various questions. The lengthy part of the appraisal process takes place back at the office where the Appraiser begins to research the market, the legal properties of the subject, pull comparables, develop different appraisal approaches, and form an opinion of value to be shared in a report.
What Are Your Service Fees?
These can be as varied as the services we offer and are dependent of the complexity of a property. Some of our Non-Complex Fees are as follows: Single Family Residences & Condos- $700, Vacant Land- $600, Waterfront Properties- $850-1,000. *Fees and turn times are determined per assignment and are subject to change without notice. Complex properties can include, but are no limited to: Retrospective Date of Death Estate Valuation, Divorce Settlement Properties, Expert Testimony, Unique Properties and/or Hard to Access Properties, etc. are usually priced higher due to the appraisal process taking longer than a typical appraisal assignment.