MADAppraisals
Types of Appraisals Offered
How in depth is the inspection?
An appraiser is not a home inspector!! The appraiser is a professional in market valuation ONLY and NOT a professional in determining the structural integrity of a home. In fact, the appraiser only makes a readily observable inspection. This doesn't typically include crawling under a house, crawling through the attic scuttle hole, testing every breaker, or doing a radon test. If the appraiser observes a deficiency that could be indicative of a larger problem, a recommendation for an inspection by a professional is typically mentioned in the final report. This is also followed by an extraordinary assumption that there isn't a large issue. If found to be untrue, the appraiser's final opinion of market value may vary. Be sure to reach out to the appraiser if you have a question/concern about an extraordinary assumption.
​
Now is the inspection in depth? We would like to think so! Wouldn't you?? MADappraisals takes time in every room, around every corner, and on every porch to ensure every little relavent detail is accounted for in the final report. The more descriptive, the more credible the final opinion of market value is.
But how long does the inspection take? This depends on how unique the property is compared to the average home. The average home in Jonesboro, AR is approx. 1500-1700 sf. Typically a three bedroom two bathroom house. A house like this could undergo a 30 minute interior and exterior inspection from an appraiser. If there are shops, multiple porches, an inground pool, sufficient damage, a second floor, a basement, or any other unique feature, the estimated time for inspection may increase. Personally, I've taken an hour and a half on a house before...
​
So, the inspection doesn't take long at all for the typical scenario and it happens to be very in depth.
Single Family Residential
This assignment is performed on the 1004 URAR report form (or General Purpose form). This includes single family homes with or without an accessory dwelling unit. An ADU is like an in-law quarters or finished entertainment area that is not directly accessible from the interior of the main home. All three approaches to value can be utilized. Of course there are other informational forms that can be added to the assignment such as a Rental Schedule. An exterior-only inspection is performed on the 2055 form (or General Purpose form).
Land Appraisal
This includes valuations of residential city lots and acreage. This is performed on a Land report form. MADappraisals does not offer valuations of farm land or any land with a highest and best use of commercial. Land appraisals are not as in-depth as most assignments because there is not a house involved. There is only one approach to value in the form, the sales comparison approach.
Condominium
These assignments are performed on the 1073 Condominium report form. These assignments require the appraiser to inquire about the condo association the unit is apart of. The characteristics of an association can possibly have an effect on market value and should be considered in the valuation process. This form only considers the Sales Comparison Approach and the Income Approach (if applicable).
