A GUIDE FOR TOMS RIVER HOMEOWNERS & FAMILIES
What exactly does a real estate appraiser do?
An appraiser researches what a property is worth on a particular date and explains the evidence in a written report. The visit is only one part of that work.
FROM THE PROPERTY TO THE REPORT
There is evidence behind the number.
If you are handling a home for yourself or someone else, it helps to know what goes into the appraisal. The work brings together observations about the property, records and sales of comparable properties.
Look closely at the property.
A property visit lets the appraiser document its size, condition, features and improvements. Photographs and notes record details that help explain the valuation. The appraiser may also ask the owner questions about the property.
Research comparable sales.
The appraiser researches similar properties that have recently sold in the area. Public records, previous sales information and market data help put the property in context.
Consider the wider market.
Local and regional market trends can affect value. The research may also consider neighborhood development, zoning and economic conditions relevant to the property.
Explain the conclusion in writing.
The appraisal report brings the findings together. It explains the methods and evidence used to arrive at the value opinion, so the reader can understand how the conclusion was reached.
WHAT THAT MEANS IN TOMS RIVER
The nearest sale may tell only part of the story.
Lagoon houses, beach-area bungalows and rebuilt homes can call for different comparisons. The appraiser looks at how closely the sales match the home, its setting and the date being valued.
HYPOTHETICAL EXAMPLE — NOT AN ACTUAL CLIENT PROPERTY
A bungalow beside a rebuilt home.
Imagine you are handling an inherited beach-area bungalow. A larger, rebuilt house next door has sold. Its location is close, but its size and condition may make it a poor comparison on its own. The appraiser would look for relevant bungalow sales and explain any differences that matter.
If the report needs a value as of a past date, the research must address that period and the bungalow’s condition then. Dated photographs, old listings and repair invoices can help, especially if the house has since been cleared or altered.
Which date do you need?
Settling an estate may call for a value at the date of death; deciding on a sale or family buyout may raise a different question. Share your attorney’s or adviser’s instructions before the work begins, so the report addresses the intended use.
BEFORE YOU ORDER
Give the appraiser the question, as well as the address.
To ask for a written quote, have these details ready. If something is still unclear, say so in your request.
- The property: its address, type and any unusual features or changes.
- The purpose: why you need the appraisal and who will use the report.
- The valuation date: today’s value or a particular past date, with any instructions from your adviser.
- The practical details: who can arrange access and when you need the report.
Ask for the scope, fee and delivery estimate in writing before agreeing to proceed. When you receive the report, check the property details and valuation date, and ask about anything you do not understand.
Request a written appraisal quote →