Frequently Asked Questions
What is an
appraisal?
A real estate appraisal is an objective opinion of the
value of a particular parcel of real estate given by a
professional appraiser.
The process is detailed and systematic.
The appraiser must thoroughly inspect and gather
information about the subject property and the
surrounding area.
Legal, physical, and economic influences are
considered in the development of an opinion of value.
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Typically, the purpose of the an appraisal is to
estimate market value and the means of doing so is
through the application of one or more of the three
valuation approaches: the sales comparison, cost, or
income approaches.
What is
commercial property?
Commercial property, also known as investment or income
property, refers to buildings or land intended to
generate a profit, either from capital gain or rental
income.
What is eminent
domain?
Eminent
domain is the right of the government or a public
utility to acquire property for necessary public use by
condemnation.
The owner must be fairly compensated.
What does a
condemning authority do?
A
condemning authority acquires private property necessary
for public use.
The condemnor will attempt to negotiate a price
with the property owner.
If the property owner (condemnee) refuses or
resists, the condemnor will initiate legal options to
force the transfer.
Am I entitled to
any money if the government takes my property by eminent
domain?
You are
entitled to ‘just compensation’ for your property.
Am I entitled to
a copy of the condemning authority’s appraisal report?
Yes,
upon request, the law requires the condemning authority
to provide you with a copy of the appraisal report on
which it is basing its offer and good faith estimate of
value.
How much does an
appraisal cost?
Fee
structure varies based on the complexity of the
assignment.
If property you own is subject to condemnation,
reasonable expert fees (appraiser, engineer, and others)
are reimbursed by the condemning authority.
How long does an
appraisal take?
Timing depends on the complexity of the assignment,
availability of data, and the balance of completing
existing assignments.
If you have a particular deadline, we are often
able to accommodate that need.
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