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Frequently Asked Questions
What are your qualifications?
Since 2005, we have conducted in excess of 5,500 individual appraisals including single-family, condominium, duplex/triplex/quadplex, vacant land, high-value, cooperative, estate, pre-marketing, and divorce appraisals. Since 2008 the total value of our appraisals completed exceed $2.2 billion. We are certified in the State of Florida, on the panel of FHA approved appraisers, and James Berry is an SRA – a Senior Residential Appraiser.
What counties do you cover?
Collier and Lee.
How do you figure out the value of a property?
There are three methods used to develop value: analyzing potential income, cost to replace, and sales comparison. Though any or all of these methods may be employed, the most commonly relied upon approach is the sales comparison. The sales comparison analyzes recent sales to understand market trends, and provides a value on the basis of substitution. Essentially, comparing the most similar recent sales to determine market demand and acceptance for the subject of the valuation. Investment property valuations can benefit from the income approach, and unique homes or replacement valuations (insurance/fire) can employ the cost approach.
When are you available?
Monday through Friday.
Does the appraisal take into account the condition of my home?
Yes. The condition of your home is an important factor in the appraisal process. As such, commonly the first step of the appraisal is an interior inspection to take note of condition, upgrades, and renovation. The overall condition of the property is a portion of the data gathering that helps the appraiser to select the most similar homes for comparison.
How long does the appraisal take?
It depends on which part of the appraisal process you are referring to: scheduling the appointment, completing the property inspection or delivering the written appraisal report.
How long is the appraisal good for?
An appraisal is based upon an effective date. Essentially, the valuation is valid as of the date of the inspection, or the date agreed upon during the scope of work and engagement. The further from this effective date, and depending on market conditions, the less accurate the valuation may be.
What is an SRA?
An SRA is a Senior Residential Appraiser – a designation issued by the Appraisal Institute. Fewer than 1% of all appraisers in the United States have this designation! To obtain this certification, an appraiser must have more education and experience than a licensed or even a certified appraiser. SRAs have chosen to specialize in residential real estate, and to be eligible for this designation, have obtained a minimum of a four year degree from an accredited educational institution. They must also meet experience requirements (4500 hours of experience, including 2000 hours of residential appraisal experience); and pass seven examinations that reflect 181 hours of classroom instruction on appraisal principles, residential valuation techniques, report writing, and standards of professional practice. An SRA is qualified to provide a wide range of services, including opinions of value, evaluations, reviews, and consulting and advice regarding investment decisions.