“Mike has the knowledge, skills, and professional background to ensure our appraisers office is run efficiently and with excellence,” Brandes said in an email to Florida Politics. “Mike’s 25 years as a professional real estate appraiser and 21 years as a principal and vice president managing private appraisal offices have given him the experience to expertly carry out the complex and important duties of the property appraiser’s office.
In the United States, appraisals are for a certain type of value (e.g., foreclosure value, fair market value, distressed sale value, investment value). The most commonly used definition of value is Market Value. While Uniform Standards of Professional Appraisal Practice (USPAP) does not define Market Value, it provides general guidance for how Market Value should be defined:
Although appraisers and assessors of real estate work in offices, they may spend a large part of their time conducting site visits to assess properties. Time spent away from the office depends on the specialty. For example, residential appraisers tend to spend less time on office work than commercial appraisers, who might spend up to several weeks analyzing information and writing reports on one property. Appraisers who work for banks and mortgage companies generally spend most of their time inside the office, making site visits only when necessary.
Extremely thorough and informative, went above and beyond what I expected. Very easy to talk to and completed in less than an week. Always on time and very professional. Information in the appraisal made putting my house on the market a much less stressful endeavor. Also gave me some great advice regarding getting my house ready for sale. Thank YOU!
In New Zealand, the terms "valuation" and "valuer" usually relates to one who undertakes that professional role in terms of the Valuer Act 1948 requirements or the unregulated or voluntarily self-regulated (if members of PINZ) plant and machinery, marine or art valuers. Whereas, the term "appraisal" is usually related to an estimate by a real estate sales person or licensed agent under the Real Estate Agents Act 2008. The Real Estate Institute of New Zealand includes many valuer members, but the governing legislation for sales and agency (disposal of interests of land on behalf of others) does not extend to include provision for that role by valuers regardless of membership of NZIV, RICS or PINZ.
In order to account for the usage of the land, the net operating income is reduced by the Liegenschaftszins (interest paid to the land-owner by the owner of the building, i.e., ground rent). The Liegenschaftszins is the product of the land value and the Liegenschaftszinssatz (interest rate for land use). The Liegenschaftszinssatz is the equivalent of the yield—with some important differences—and is also determined by the Gutachterausschuss.
Lenders want to make sure that homeowners are not overborrowing for a property because the home serves as collateral for the mortgage. If the borrower should default on the mortgage and go into foreclosure, the lender will recoup the money it lent by selling the home. The appraisal helps the bank protect itself against lending more than it might be able to recover in this worst-case scenario.
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