A real estate appraisal is an opinion of a property’s value performed by a licensed appraiser in the jurisdiction, such as the state of Florida. Appraisals can be used for mortgage financing, tax purposes, building permits, and other compliance regulations, such as FEMA’s 50% rule.
Before starting the appraisal process, key information must be gathered to identify the appraisal problem, including who the client is and when it was requested.
Once this data has been collected, physical site inspections may be required, and additional research will need to be done to determine the property’s highest and best use before writing up an appraisal report.
