Q: What are your qualifications?
A: 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.
Q: What counties do you cover?
A: Collier and Lee.
Q: How do you figure out the value of a property?
A: 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.
Q: Does the appraisal take into account the condition of my home?
A: 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.
Q: How long does the appraisal take?
A: 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.
Scheduling the appointment – It only takes a couple of minutes to schedule the appointment for the appraisal. We’re very flexible and can usually accommodate your request for almost any day and time, provided you call us at least 2 or 3 days in advance.
(If you need a rush appraisal, just let us know when you call to schedule your appointment – we’ll make sure you have the report before your deadline.)
Inspecting the property – Once you schedule an appointment for the appraisal, the next step is for the appraiser to visit your property to complete a brief inspection. Depending on the complexity of your property, this step usually takes about 30 minutes.
Delivery of the report – After the property inspection is complete, the appraiser will begin the most detailed portion of the valuation process: research and analysis followed by the completion of a comprehensive written appraisal report. You’ll receive the written appraisal report within a few days of the property inspection.
Q: How long is the appraisal good for?
A: 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.
However, when an appraisal is being submitted to some official authority (e.g., a bank, the IRS, your local township, etc.), how long an appraisal is considered valid will usually be determined by that authority.
Q: When are you available?
A: Monday through Friday.