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Opinion of Value Based Appraisals
Steigerwaldt’s real estate appraisal team performs a variety of services to our clients. We often develop opinions of value for several different types of property and assist in various decisions our clients make about their real estate.
Standards for the appraisal profession are set forth in the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP specifies the procedures to be followed in developing and communicating an appraisal and the ethical rules for appraisal practice.
As defined in USPAP, an appraisal is the act or process of developing an opinion of value. The valuation process is a systematic procedure the appraiser follows to answer a client’s question about real property value.
Often, real estate appraisal clients have interests that hinge on the appraised value, and depending on their perspective, may benefit from a certain price. For example, borrowers or lenders, and sellers, may be seeking a higher price while buyers would prefer a lower price in the instance where the value is supporting a transaction.
Steigerwaldt’s certified appraisers will, in all cases, provide an unbiased and independent opinion of value based on a thorough examination of the subject property and the market. We understand that in some instances the appraised opinion of value may not meet our client’s preconceived expectations.
Our appraisal team is readily available to review and discuss our appraisal reports and systematic procedures used to develop the opinion of value. While the appraisal outcome may not coincide with our client’s value aspirations, our efforts are focused on assuring that our clients understand the appraisal procedures and how our team arrives at the reported opinion of value.
– Tom Hittle, Senior Vice President – Project Coordination/Client Services