Zayas

Real estate appraisal is that the real one?

Real estate assessment or property valuation is the method of determining the value of the property on the basis of the highest and the greatest use of real property (which ostensibly results in determining the fair market value of the property). The one who performs this real estate appraisal exercise is called the real estate appraiser or property worth surveyor. The value as based on real-estate assessment could be the fair market value. The real estate appraisal is completed using different practices and the real estate appraisal values as different for difference functions e.g the property. Different values might be assigned 2 by the real estate appraisal to the exact same property (Improved value and bare value) and again the same/similar property might be given different values in a commercial zone and a residential zone. But, the value assigned consequently of real estate appraisal might not be the value a real estate investor would consider when evaluating the house for investment. Actually, a real estate investor may completely disregard the importance that comes out of real estate assessment process.

The property would be evaluated by a good real estate investor on the basis of the improvements going on in the area. So real estate appraisal as performed by a real estate investor would come up with the price that the real estate investor could possibly get out of the property by getting it at a price and selling it at a greater price (as in the present). Equally, real estate investor could do their own real estate assessment for the expected value of the property in, say 2 years time or in 5 years time. Again, a estate investor might conduct his real estate appraisal based on what value he/she can cause by trading some amount of cash in the property i.e. a estate investor might decide on purchasing a dirty/scary type of property (which no-one likes) and get some small repairs, painting etc done in order to improve the value of the property (the value that the real estate investor could get by selling it in the industry). So, here the meaning of real estate appraisal improvements completely (and can be quite different from the value that real estate appraiser could turn out with if the real estate appraiser performed a estate appraisal exercise on the house).

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A real estate investor will generally base his financial commitment on this real estate assessment he does by himself (or gets performed through someone). So, could we then term real estate appraisal as really a real real estate appraisal?