How is an appraisal completed?
Step 1 - The Examination
All of the property to be included in the
Appraisal Report is carefully examined by the appraiser. The
appraiser notes the characteristics of each item, including its
condition, obtains measurements and takes photographs. The
information is recorded by hand. The time spent in this phase
is “On-Site” time.
Step 2 - Photographs
Photographs are taken to document the
item's existence and aid in the research.
Step 3 - The Research
Value conclusions for appraisals are
based upon comparative sales analysis for each item. Research
time is the time taken to identify marks and labels, verify
dates, locate comparable items, investigate retail markets, and
consult experts, if necessary. This approach produces an
accurate report that fully protects you and your property. The
time spent in this phase is considered “Research
Time.” Total “Research Time” will not exceed
three times the “On-Site” time without your
permission.
Step 4 - The Report
All appraisal reports consist of two
bound copies of the completed appraisal. Included in the report
is a cover letter detailing the process taken and definition of
values used; the total value of the property; an itemized list
of the property appraised; one set of photographs of the items,
and the appraiser’s qualifications.
©2005 Morris Appraisal Serivces. All
rights reserved.
