The Appraisal Process
There are four different types of appraisal reports available to clients:
A Summary Appraisal Report is most commonly used by equine appraisers. This type of report is a summary of the facts, research and analysis used to establish the value of the property being appraised.
A Restricted Use Appraisal Report is a brief, one to four page report. This report states information rather than going into lengthy descriptions or summaries. For example, if a report is needed quickly or is needed to determine whether or not a more extensive appraisal in necessary, this type of report is most beneficial.
A Self-Contained Report is the most complete and complex type of report. This type of report requires the appraiser to give an accurate, detailed description of the property, identify and define the marketplace where the comparable's were found and explain why that market was used, fully explain what process was used to determine the value, and include a description (condition and sales price) of each comparable property used.
Hypothetical Appraisal Report is used for a property that is deceased, stolen, or a future potential. The use of a hypothetical condition must be disclosed in the appraisal report so the intended user is aware of the condition upon which the appraised value is based. The report may be based on photographs and/or videos, performance records, veterinary records, awards, pedigree, and first-hand testimony.
Appraisal fees are based on where the subject is located and what type of report is used.
The cost of a Summary Appraisal Report is $350.00
Traveling expenses are paid by the client.
If appraiser is required to give a deposition, court testimony, or case preparation there will be an additional fee.
