 | |  | |  | |  | |  |
"No man acquires
property without
acquiring with it a
little arithmetic also."
Ralph Waldo Emerson
1803-1882, American
Poet, Essayist
property without
acquiring with it a
little arithmetic also."
Ralph Waldo Emerson
1803-1882, American
Poet, Essayist
Real Estate Appraisers & Consultants
Q. Is an appraisal a property inspection?
A. No. While an inspection of the property is a part of the valuation process, the appraiser's
function is to view the big picture. Property Inspectors, on the other hand, view specific systems
(electrical, structural, plumbing, etc.) and are a separate discipline.
Q. I’m thinking of buying/selling a property. Do I need an appraisal?
A. Not necessarily. However, an appraisal is a powerful tool when buying or selling a property. It
is always a good idea to get the opinion of an unbiased third party (an appraiser). When
negotiating a purchase, you’ll have the comfort of knowing that you are not grossly overpaying
for the property. When selling, you’ll have the necessary knowledge to set a realistic asking
price and have a good idea what the property is really worth when offers are presented.
Q. We have an estate in probate. Do we need an appraisal?
An appraisal for estate purposes could save a lot of money on estate taxes and provide peace
of mind. It is strongly recommended that you consult with your attorney for legal advice.
Q. I’m getting divorced. My ex-spouse says he will take care of the appraisal. Is this a
good idea?
Divorces are highly emotional times and sometimes they can be down right messy. Depending
on the appraiser's reputation, report, and conclusions, a review of the report may be all that is
required. If the conclusions on the value are sound, then there is no reason to have a second
report prepared. If, on the other hand,the value conclusions are skewed in favor of one party
(high or low) then the decision needs to be made relative to a second appraisal.
Q. Do you do surveys?
A. No. We do know and have worked with surveyors in the past. Please contact us for a
recommendation.
Q. Our real estate taxes seem really high. Is there anything that can be done?
A. Possibly. For the most part, the county auditor tries to tax property slightly below market
value. There are occasions, however, when the auditor simply over-values the property.
Depending on the property type, an attorney may be necessary. The process for resolving
complaints against the valuation of real estate for tax purposes involves filing a form with the
auditor, and a hearing at the local Board of Revisions. Depending on the decisions made by the
board, the next step is to file an appeals form with both the Board of Revisions and the Board of
Tax Appeals in Columbus. The appeals board may assign the case to an arbitrator and/or hold a
hearing. The process takes time to work through the system and decisions need to be made
along the way. If the case is successfully argued, then a refund of overpayment will be made.
Q. Will the appraised value of a property vary depending on whether the appraisal is
conducted for the buyer or the seller?
The appraiser has no vested interest in the outcome of the appraisal and should render
services with independence, objectivity and impartiality - no matter for whom the appraisal is
conducted.
Q. Do appraisers use a formula, such as a specific price per square foot, to figure out
the value of a home?
Appraisers make a detailed analysis of all factors pertaining to the value of a home including its
location, condition, size, proximity to facilities and recent sale prices of comparable properties.
Q. Do all properties in an area go up in price by the same percentage?
Value appreciation of a specific property must be determined on an individualized basis,
factoring in data on comparable properties and other relevant considerations. This is true in
good times as well as bad.
Q. Can't you generally tell what a property is worth simply by looking at the outside?
Property value is determined by a number of factors, including location, condition,
improvements, amenities, and market trends. An appraisal will determine
A. No. While an inspection of the property is a part of the valuation process, the appraiser's
function is to view the big picture. Property Inspectors, on the other hand, view specific systems
(electrical, structural, plumbing, etc.) and are a separate discipline.
Q. I’m thinking of buying/selling a property. Do I need an appraisal?
A. Not necessarily. However, an appraisal is a powerful tool when buying or selling a property. It
is always a good idea to get the opinion of an unbiased third party (an appraiser). When
negotiating a purchase, you’ll have the comfort of knowing that you are not grossly overpaying
for the property. When selling, you’ll have the necessary knowledge to set a realistic asking
price and have a good idea what the property is really worth when offers are presented.
Q. We have an estate in probate. Do we need an appraisal?
An appraisal for estate purposes could save a lot of money on estate taxes and provide peace
of mind. It is strongly recommended that you consult with your attorney for legal advice.
Q. I’m getting divorced. My ex-spouse says he will take care of the appraisal. Is this a
good idea?
Divorces are highly emotional times and sometimes they can be down right messy. Depending
on the appraiser's reputation, report, and conclusions, a review of the report may be all that is
required. If the conclusions on the value are sound, then there is no reason to have a second
report prepared. If, on the other hand,the value conclusions are skewed in favor of one party
(high or low) then the decision needs to be made relative to a second appraisal.
Q. Do you do surveys?
A. No. We do know and have worked with surveyors in the past. Please contact us for a
recommendation.
Q. Our real estate taxes seem really high. Is there anything that can be done?
A. Possibly. For the most part, the county auditor tries to tax property slightly below market
value. There are occasions, however, when the auditor simply over-values the property.
Depending on the property type, an attorney may be necessary. The process for resolving
complaints against the valuation of real estate for tax purposes involves filing a form with the
auditor, and a hearing at the local Board of Revisions. Depending on the decisions made by the
board, the next step is to file an appeals form with both the Board of Revisions and the Board of
Tax Appeals in Columbus. The appeals board may assign the case to an arbitrator and/or hold a
hearing. The process takes time to work through the system and decisions need to be made
along the way. If the case is successfully argued, then a refund of overpayment will be made.
Q. Will the appraised value of a property vary depending on whether the appraisal is
conducted for the buyer or the seller?
The appraiser has no vested interest in the outcome of the appraisal and should render
services with independence, objectivity and impartiality - no matter for whom the appraisal is
conducted.
Q. Do appraisers use a formula, such as a specific price per square foot, to figure out
the value of a home?
Appraisers make a detailed analysis of all factors pertaining to the value of a home including its
location, condition, size, proximity to facilities and recent sale prices of comparable properties.
Q. Do all properties in an area go up in price by the same percentage?
Value appreciation of a specific property must be determined on an individualized basis,
factoring in data on comparable properties and other relevant considerations. This is true in
good times as well as bad.
Q. Can't you generally tell what a property is worth simply by looking at the outside?
Property value is determined by a number of factors, including location, condition,
improvements, amenities, and market trends. An appraisal will determine
Helpful information about appraisals
| J.A. Berk & Associates Since 1946 |
