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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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What does the appraiser do?
A real estate appraiser estimates the value of real property i.e. homes, land,
buildings etc., not personal property such as furniture or boats. There are three
approaches to value: comparative market, cost and income. While a thorough appraisal
includes consideration of all three, the appraiser selects the approach(es) that are
most relevant to the property type and most meaningful to the valuation question. To
begin the appraisal, the appraiser gathers information about the property to be
appraised from all available sources: public tax records, archives, previous sales
history and so on. Unless the appraisal is a drive-by assignment, the appraiser will
then make an appointment to visit the property to measure the outside of the building(s)
to determine square footage and walk through to note the floor plan, amenities,
condition and improvements. The time spent measuring and taking notes at the property
depends on the size and complexity of the building(s), often times requiring as little
as twenty minutes, and generally represents only a small part of the appraisal process.
The appraiser will tour the neighborhood for recent sales activity and to observe
characteristics that influence value. The appraiser will research, verify and view all
comparable sales, check the zoning classification and check the FEMA flood map. The
result is a multi-page report that requires several hours to compile.
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