I get asked all the time "whats it worth?", well here we go!!!
Q. Why do you care?
A. curious, wanna buy it, wanna sell it, neighbors bouse, wanna get your taxes reduced( good luck), divorce, estate planning.....
Fact is there are lots of good reasons.
Q. Appraisal cost?
A. Several hundred to several thousands.
Q. Is the number guaranteed?
A. Are you kidding? You get 10 appraisals, they will all be different, pick the one you like.
Q. Can I do it myself?
A. Of course,.....it takes time......lots of it.
Q. What is an appraisal?
A. Rememeber this always, It is one persons opinion of the value of whatever.
Q. Appraisal quality?
A. Like so many things in life, there are good ones and bad ones. Reminds me of a very old tired joke: What do you call the person who graduated at the bottom of the class??? answer .... you pick one....Doctor, Dentist, Lawyer, Appraiser, Think about that...really, You get what you pay for, sometimes.
Q. So thats what its worth.
A. Over the years I have had so many people say to me " I have an appraisal....so that is what its worth". What a bunch of BULL. Having done thousands of appraisals, I can speak with some authority.
Q. Exact science?
A. Far from it.
Q. Industry Standards?
A. Have tightened up in recent years, but you still must be careful. You watch the news, right. then you know what I mean.
Q. It sold for????
A. Don't ever take any ones word for what it sold for. You must verify every sale the you are using.You'll be surprised at what you'll find, or maybe you won't.
Q. Is it easy?
A. Nope. But when you are done you'll have valuable info you can count on. Do your home work and you won't be sorry, really.
Q. The task?
A. Is always to find as many as you can of comparable sales to the study item. Easier said than done. You'll see.
Be sure to read the disclaimer which applies to all properties.