Different kinds of data collection.

406value.com offers different types of appraisal options based on different types of data collection. Each type of data collection offers pros and cons as described below:

Option 1 is an appraisal completed where the appraiser does NOT actually visit the property in person. The appraiser bases the physical aspects of the property on public records, MLS records, and / or other limited online sources. This works well when the public record data is very similar to the subject property’s actual characteristics. This option tends to be the least expensive and able to be completed in the quickest timeframe, usually within one business day of ordering. The accuracy of this option depends highly on the accuracy of the public data.

Option 2 is an appraisal where the appraiser personally drives to the property and views the EXTERIOR of it from the public street. The appraiser does not enter the property and typically does not set foot on the property. This type of inspection allows the appraiser to get a better indication of the condition of the property and of the surrounding neighborhood. Most of the property characteristics are still taken from the public records and other online sources, but they are augmented by the appraiser’s personal viewing. This option does not require an appointment since the property is only viewed from the public street. As such, it is still able to be completed in a quick timeframe. The additional time involved with physically viewing the property does add some expense to this type product, but it is still considered a fairly inexpensive option when some additional data collection / verification is desired. The accuracy of this option still depends on the accuracy of public data, but to a somewhat lesser degree than Option 1 noted above.

Option 3 is based on the appraiser completing a full INTERIOR and EXTERIOR inspection of the property during a scheduled inspection time. The appraiser views all interior / exterior areas of the property and personally measures the exteriors of all buildings that add to the value of the property. This type of inspection is considered the most accurate and allows the appraiser to collect current data on the property including photos & measurements as needed. The time period that this option takes is dependent on when the property is available for the inspection. Inspection times are typically scheduled Monday through Friday during normal business hours, but special accommodations can be made as needed. The typical inspection lasts around 30 minutes, but can vary based on the size and complexity of the property. After inspection, the completed appraisal report is usually delivered within 1 business day.

So which option is right for you? It depends.

Do you need an inexpensive quick professional valuation and are relatively confident in the accuracy of the public record data? The option with NO physical visit to the property may by your choice.

Do you need a quick valuation with some added accuracy, while still being relatively inexpensive? Maybe your choice is the one where the appraiser personally views the property from the public street.

Do you need a solid defendable valuation with the highest level of accuracy due to being based on personally gathered and verified information? Your choice should be the one with a full interior and exterior inspection completed during a scheduled appointment.

These options can sometimes be used in conjunction with each other at different times during an overall greater process. It is common for someone to initially order the quickest and least expensive option when they are in the beginning stages of something. This gives them a quick assessment without much incurred expense. Sometimes this is all that is needed to verify an intended path or to help make a decision on future plans.

As things progress, sometimes an additional appraisal product is deemed necessary for further accuracy. This is a common progression when dealing with partnership dissolution type scenarios. At the onset, a quick inexpensive valuation may be needed in order to weigh options. However if things progress, it is oftentimes necessary to order a second appraisal at a later date that is based on a full interior / exterior inspection. This is done in order to have an appraisal report that is considered the most accurate and defensible.