The Appraisal Process
How We Work
An appraisal may seem confusing but it needn't be. At Dunn & Company Real Estate Appraisers, we follow a set of federally accepted guidelines and practices known as USPAP, which govern the ethical and legal aspects of the appraisal reporting process.
The most important aspect of the appraisal is learning the estimated value of your home and understanding how that conclusion was reached.
To properly complete an appraisal, Dunn & Company needs the most accurate information you can provide about your home. This information includes but is not limited to:
the home's approximate age
bed/bath count
square footage of the house (not including the garage)
type of heating/cooling
any remodel or addition work
special amenities (such as a pool).
When Dunn & Company arrives at your home to do the "inspection", we're interested in the types of materials used in the construction of your home (roof type, window type, central heat/air or wall heat, formica or tile). Not whether you've cleaned and dusted that day. Maintenance of the home, however, is of interest:
are the walls/flooring/floor coverings in good shape?
are the built-in appliances in good working order?
Once the physical inspection is completed, Dunn & Company will compare your home to recent sales in your neighborhood. These sales are called comparables.
Ideally, we'd like to find a home exactly like yours right next door to yours that just sold. As you can imagine, this rarely happens. So what we do is compare your home to homes that are as similar as possible. Similarities include but are not limited to:
square footage
bed/bath count
age
appeal
condition
amenities
When differences occur, Dunn & Company makes adjustments. These adjustments are based on our experience with and knowledge of the local market and what value the typical buyer would place on a given amenity.
Questions? Click Here to Email Us, or call 888-682-1113
Comparables will indicate a value range. This value range is then narrowed to the final estimate of value based on sales prices in the area being stable, rising or falling. Also, how does your home compare to homes at the upper, lower or middle end of the price range.
Dunn & Company will also estimate the cost to construct your home, (using your lot and the same materials present in your home). This cost to construct is based on residential cost handbooks and our knowledge of local building codes and labor rates. Ideally, the cost to construct should land within the value range indicated by neighboring sales.
We don't ever compromise on quality and our solid experience helps protect you from selling too low or buying too high.
AppraisedValue.com and Dunn & Company, Real Estate Appraisers
Getting the job done right, when you need it!
Note: The client for an appraisal can be a person or an institution. By law, Dunn & Company can discuss the particulars and outcome of the appraisal with the client only. If the appraisal was ordered by your bank/mortgage company then they are the client and "own" the appraisal. Under most consumer laws if you pay for the appraisal, you are entitled to a copy of the appraisal but must go through the loan officer at your bank/mortgage company. Any questions you have regarding the appraisal itself may be directed to your loan officer who will, in turn, contact the appraiser if further clarification is required.
Questions? Click Here to Email Us, or call 888-682-1113
781-582-1113
Toll Free: 1-888-682-1113
Fax: 781-582-1116
11 Bay View Avenue
Kingston, MA 02364
Appraised Value -
An opinion of an appraiser which is based upon an interpretation of facts and judgments and their processing into an estimate of value,as of a stated date.
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