Castle Appraisal Services Plus
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Castle Appraisal Services Plus
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Drive-by or Exterior Only Property Appraisal Reports PURPOSE AND USE:
Appraisal Overview: The market value of the subject property (subject) is based upon an exterior inspection and an algebraic analysis of at least three closed comparable sales. Due to the limited inspection scope, important information regarding interior condition, room/bath counts, and/or interior & exterior property elements not visible from the street fronting the subject property due to foliage, setbacks, etc. may be missing &/or inadequate resulting in a limited point value estimate. Key features of the subject property are identified within the limited scope of the exterior inspection and as many data sources as are available to adequately quantify property elements. Those key features are used to cull through the closed sales which have occurred in the subject’s sub-market to identify which sale(s) are most indicative of the subject’s value. The closed sale(s) that are the most similar to the subject property are generally regarded as the most appropriate with which to define a market value estimate for the subject property. While the sales are often similar to the subject in many respects, each often differs from the subject property in one or more variable. The market value for each key variable, or factor, is extracted from the subject's sub-market though simplified algebraic analysis. The sales price of each comparable sale is adjusted for differences in the variables, to the subject property, by the supported factor(s), to form value indications for the subject property. Real estate markets are inherently imperfect; therefore, the value indications are rarely identical. Reconciliation of the data points, or adjusted sales prices, to one point value estimate is made based on the strength &/or weaknesses of the data and analysis. The Departure provision of the Uniform Standards of Professional Appraisal practice occurs when, the Cost and/or Income Approaches to value are typically relevant, but are not considered within the scope of the appraisal process. The Departure provision of the Uniform Standards of Professional Appraisal practice does not occur when, the Cost and Income Approaches to value are not typically relevant and are not considered within the scope of the appraisal process.
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