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5185 Dungannon Circle NW
North Canton, OH 44720
phone: 330-494-3444
fax: 330-499-4646
e-mail: hottleco@neo.rr.com
http://www.hottleco.com
©2004 Hottle and Co.
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Buyer/Seller FAQ
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How much does an appraisal cost?
That depends. The purpose of the appraisal often determines the level of
detail and amount of documentation needed to complete the assignment. The best way to start is by telling the appraiser the purpose of the
appraisal i.e. pricing the property for sale, PMI release, obtaining a mortgage,
division of assets etc. At Hottle & Co.
we spend time asking questions to help you determine the level of service required
to meet your objective at the lowest cost. If necessary for lending or PMI release purposes
and with your permission, we will contact your lender to be sure that their specific requirements
will be met by the appraisal format that you wish to order. Complexity of the assignment is another
factor. Appraisals of luxury homes in excess of 5000 square feet, unique properties with multiple
buildings or parcels and multi-unit income producing properties can be more expensive because of
the research time involved. County property records are just a click away on our network so we will
gladly look up the parcel(s) and give you a quote on the spot.
When selecting an appraiser, considering the cost is just the beginning. Have you considered:
- Does the appraiser have experience with your property type in your market area?
- Can the appraiser deliver the report in the time frame that you require?
- Is the appraiser currently state certified, having met state and federal
requirements for experience and continuing education?
- Does the appraiser have extensive, multiple source
data systems available for immediate consultation with you,
the potential client?
- Will the appraiser you hire actually prepare your appraisal or will a less
experienced assistant or trainee be involved?
When you are making an important financial decision, selecting the right appraiser,
for the right reasons, is just as important as considering the cost. The benefits of
a properly supported value estimate derived from a thorough appraisal generally
outweighs the expense.
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