CDC Consulting Services Inc.

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Below are the answers to some commonly asked questions. As always, we welcome you to contact us if you have any further questions or comments about our services.. What is an appraisal? What does an appraiser do? Why would a person need a home appraisal? What is the difference between an appraisal and a home inspection? What is the difference between an Appraisal and a Comparative Market Analysis (CMA) that a real estate agent prepares? What does the appraisal report contain? After completing the report, what assurance is there that the value indicated is valid? How are appraisers certified? Who do appraisers work for? Where does an appraiser get the information used to estimate value? Why do I need a professional appraisal? How do I get ready for the appraiser? What is ''Market Value?'' Who Actually Owns the Appraisal Report? Which home renovations add the most to the price? WHY SHOULD USE AN APPRAISER WITH THE AACI OR CRA DESIGNATION? WHAT IS THE VALUE OF A REAL ESTATE APPRAISAL? HOW IS A PROPERTY VALUED? What is an appraisal? An appraisal is a thought process leading to an opinion of value. This opinion or estimate is arrived at through a formal process that typically uses the three ''common approaches to value''. They are the Cost Approach - which is what it would cost to replace the improvements, less physical deterioration and other factors, plus the land value. There is the Direct Comparison Approach - which involves making a comparison to other similar, nearby properties which have recently sold. The Direct Comparison Approach is normally the most accurate and best indicator of value for a residential property. The third approach is the Income Approach, which is of most importance in appraising income producing properties - it involves estimating what an investor would pay based on the income produced by the property. top What does an appraiser do? An appraiser provides a professional, unbiased opinion of market value, to be used in making real estate decisions. Appraisers present their formal analysis in appraisal reports. top Why would a person need a home appraisal? "There are many reasons to obtain an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for ordering an appraisal include: top What is the difference between an appraisal and a home inspection? The appraiser is not a home inspector nor does he/she do a complete home inspection. An inspection is a third-party evaluation of the accessible structure and mechanical systems of a house, from the roof to the foundation. The standard home inspector's report will include an evaluation of the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure. top What is the difference between an Appraisal and a Comparative Market Analysis (CMA) that a real estate agent prepares? "Simply put, the difference is night and day. The real estate agent relies on vague market trends.

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