A property appraisal report prepared by a licensed property appraiser is generally defined as: "an opinion or estimate of a property's value based on a thorough analysis of all the available data that's been derived from one or all three of the property appraisal valuation methods that are commonly used to appraise property."
To avoid being snookered by dishonest property owners who use bogus appraisal reports to help substantiate the asking price for their property, you must know what to look for when reading a residential or commercial property appraisal report. A sham appraisal report is not that difficult to spot when you know what to look for. The best way to check the validity of an appraisal report is to use an appraisal report checklist, such as the sample on page 134.
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