A real estate appraisal is a professional, unbiased estimate of the fair market value of a specific piece of real estate. The appraisal must define the assignment and the scope of work necessary to complete the assignment. The appraiser must consider the three approaches to value: cost, sales comparison and income in order to accurately determine value. Professional appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Appraisal reports themselves can vary substantially and include everything from short, summary estimates of value to complex, fully documented, self-contained assignments with all the data necessary to fully understand the entire appraisal process
What is A Real Estate Appraisal?
W.D. Benton Inc., Appraisers has a wide variety of experience in performing real estate appraisal. Much of our business is with commercial banks, mortgage brokers and credit unions for lending purposes. In addition, we work with many attorneys and accountants clarifying financial matters and we work with sellers and buyers offering professional advice in a sale or purchase decision. We also perform tax appeal services and assessment consulting. A partial list of our typical clients and their uses can be seen below.
Client: Primary Use
- Financial Institutions/Collateral Verification
- Mortgage Brokers/Mortgage Lending
- Credit Unions/Mortgages and Equity Lines of Credit
- Lawyers/Equity Distribution and Trust Valuation
- Accountants/Estate Tax Basis Valuation
- Home Buyer/Value Affirmation
- Home Seller/Pricing Accuracy
- Real Estate Broker/Corroborate CMA List Price
- Home Owner/Tax Appeal
- Municipality/Tax Appeal
Residential appraisals are typically performed on the
Uniform Residential Appraisal Report (URAR) FNMA Form 1004 or the General Purpose
Residential Appraisal Report (GP). These forms are designed to provide a summary
appraisal that meets the requirements of the Uniform Standards of Professional
Appraisal Practice (USPAP). The complete appraisal package includes the appraisal
form, addenda pertaining to the appraisal process, location and flood maps, property
sketches, photographs of the subject and comparable properties and a signed
certification and limiting condition page.
Additional appraisal formats are also utilized depending on the client and purpose of the appraisal. These may include:
- URAR Manufactured Housing Appraisal
- 2055 Exterior Quantitative Analysis
- 2-4 Family Residential Income Property Appraisal FNMA Form 1025
- Condominium Appraisal FHLMC Form 465 FNMA Form 1073
- Land Appraisal Report
- Mobile Home Appraisal Report
- Narrative Appraisal Report Residential and Commercial
Our Market Area
W.D. Benton Inc., Appraisers has restricted his appraisal practice almost exclusively to Addison County, Vermont since inception. We provide services from the Addison/Chittenden County line south to the Orwell, Whiting, Leicester areas.
We do not perform appraisals in the towns of Goshen, Hancock or Granville due to geographic and market considerations.