We provide traditional “full” appraisals for the following intended uses:
– All Types of Mortgages
– Divorce & Separation
– Expert Testimony
– Estates & Trusts
Low Cost Appraisal Alternatives:
A traditional appraisal, often referred to as a “full appraisal”, is not always required or necessary. We offer two USPAP compliant alternatives to the traditional appraisal.
The first is a Drive-By Appraisal. This appraisal consists of an exterior (only) inspection of the subject property. It is ideal for individuals who do not want to disturb the occupants of the subject property. While slightly less reliable than an appraisal that includes an interior inspection, due to the possible unknowns of the unseen portions of the property, it can be a useful alternative to a traditional appraisal. A Drive-By appraisal typically costs $100 to $150 less than a traditional or full appraisal.
The other option is a Desk-Top Appraisal. This appraisal is completed in the office, with no field inspection of the subject or comparable sales. It is a one-page form with three (3) comparable properties. No adjustments are made to the comps, but a basic analysis is performed using available data sources which include MLS, county tax records and Google Earth, and an estimate of value is provided. This limited scope appraisal can be completed for half the price of a traditional appraisal (typically $200), and in about half the time (typically 3-days or less), which does make it an attractive alternative in some cases. If you decide that a Desk-Top appraisal meets your needs, it’s important that you’re working with an experienced appraiser, who is very familiar with your neighborhood, as well as this unique type of appraisal. Tony Marks has completed hundreds of these assignments over the years, and can help you determine if this is an appropriate option for your needs.
Feel free to contact our office if you have any questions regarding either of these traditional appraisal alternatives.