1.What is an Appraisal Report and why would one be completed?
An appraisal report is a document that clearly states the kind of value being determined, such as fair market (used for taxes), replacement (used for insurance coverage), liquidation (used for bankruptcy or business dissolution), etc. It describes the property being valued and also details the procedures used to estimate the value, such as: analysis of comparable sales and estimation and analysis of income (if applicable)
2. Why would I have an appraisal done? Appraisals are done for many reasons ranging from estate planning to buying a home to determining value for insurance or tax purposes. The most important factor to be concerned with is choosing the correct appraiser to do the work.
3. How much does it cost? A full residential appraisal varies in cost, normally from $300-$500.
4. What is the “Swiss Army Knife of Residential RE Investing? It is a tool geared for all types of investors, so they can control the input and workflow.
5. What is the difference between the two(Swiss Army Knife of Residential RE Investing tool and appraisal tool) ? The appraisal is a one-off event where when the report is done, the appraiser moves on to the next assignment and the report is static and does not change. Whereas the Tool is dynamic and the User can add, delete or modify the report as needed to satisfy the needs of the User.
6. How easy is it to learn how to use the tool? The Tool was created so the Output can be as simple or as detailed as the User wants or needs, producing a report which can be used by all types of decision-makers.
7. What are the benefits of using the Tool? The Tool is under the control of the User and the output is based upon the needs of the User. Additonally, the cost is minimal, costing only the User’s (or the User’s Assistant’s) time to learn how to use it.
8. Who can use this tool? A wide varity of Users, to include: Investors, Private Lenders, Homeonwers, Homebuyers, Realtors, Wholesalers, and is very well suited to portfolio management-Anybody else interested in a specific house.
9. What can the Tool be used for? It can be used for a wide variety of purposes, some of which include: Almost any purpose where an estimate of value is needed; investing, marketing, capital repair budgeting, property operating data and loan underwriting purposes.