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Traditional appraisal process. No-appraisal process. Inspection. Licensed appraiser inspects property in person. Uses automated valuation models (AVMs) to assess value
Here, we break down some of the major differences between a home appraisal vs. a home inspection. What is a home appraisal? An appraisal is a process used to determine the value of a home. Usually ...
There is a desktop appraisal, which uses online information like property records, floor plans and comparable listings, and a hybrid appraisal that combines an in-person and online approach.
The leading appraisal organization for personal property valuation is the American Society of Appraisers which is a sponsor member of the Appraisal Foundation and awards the ASA (Accredited Senior Appraiser) designation to candidates who complete five years of documented appraisal experience, pass a comprehensive exam along with required ...
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser.A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO.
The advantages of using AVMs over traditional appraisals are that they save time, money and resources (e.g. there are no transport requirements), thus lowering the cost of valuing a property. Many AVMs can be used with little cost, so more choices in valuation methodology are also possible.