| HOFFMAN APPRAISALS can provide residential appraisal and property consulting services in the central Ohio area for homeowners, banks, mortgage brokers and corporations, attorneys and estate executors. |
| OUR EMPHASIS IS ON SERVICE AND QUALITY We make every effort to inspect a property within 24 hours of the appraisal order, and transmit a quality report within 72 hours of inspection |
| HOFFMAN APPRAISALS |
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| 9468 JEROME RD. DUBLIN, OHIO 43017-8748 TELEPHONE: 614-889-0276 FAX: 614-889-0276 E-MAIL: HOFFMANAPPRAISALS@AMERITECH.NET |
| EXPERIENCE AND QUALIFICATIONS 12+ Years experience in the central Ohio area. State of Ohio licensed appraiser. FHA qualified and approved |
| WHAT IS A REAL ESTATE APPRAISAL? |
A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. The highest and best use is that use which produces the highest possible value for the property. This use must be profitable and probable. Also of importance is the definition and type of value being developed. For most typical residential appraisal reports, this value is reported on a standardized form, the Uniform Residential Appraisal Report (URAR). TYPES OF VALUE There are several types and definitions of value sought by a real estate appraiser. One of the most common referred to being market value. Other type of value exist (i.e. Value in use, investment value, insurable value) but are typically used for more specific appraisal assignments. The typical definition of market value used in the vast majority of residential appraisal assignments is as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. Dollars or in terms of financial arrangements comparable thereto; (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. It is important to distinguish between market value and price. A price obtained for a specific property under a specific transaction may or may not represent that property's market value: special considerations may have been present, such as family relationship between buyer and seller, or else the transaction may have been part of a larger set of transactions in which the parties had engaged. |
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