The Art of Real Estate Appraisal; The Complete Guide for Homeowners and Real Estate Professionals
by William L. Ventolo; Martha R. WilliamsEdition: 2nd
Format: Paperback
Pub. Date: 2008-06-03
Publisher(s): Kaplan Publishing
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Summary
Real estate appraisals are one of the primary factors in the mortgage decision making process for lenders. Now consumers and real estate agents have a guide to lead them through the process so that they're prepared with accurate knowledge of their property's price even before the professional appraisal.
Author Biography
William L. Ventolo, Jr., a former vice president of Development Systems Corporation and its subsidiary, Real Estate Education Company, received his MS in psychology from the University of Pittsburgh Martha R. Williams received her BA from DePaul University, Chicago, and her JD from the University of Texas, Austin
Table of Contents
| Preface | p. vii |
| Introduction | p. ix |
| Real Estate and Its Appraisal | p. 1 |
| What Is a Real Estate Appraisal? | p. 2 |
| Land versus Site | p. 7 |
| Real Estate and Real Property | p. 9 |
| Public Restrictions on Land Use | p. 9 |
| Private Restrictions on Land Use | p. 10 |
| Personal Property | p. 11 |
| The Real Estate Marketplace | p. 15 |
| Recent History | p. 15 |
| The Subprime Mortgage Crisis | p. 16 |
| Market Value | p. 18 |
| Value Principles | p. 20 |
| The Appraisal Process | p. 29 |
| Sales Comparison Approach | p. 29 |
| Cost Approach | p. 31 |
| Income Capitalization Approach | p. 32 |
| Relationship of Approaches | p. 35 |
| Steps in the Appraisal Process | p. 36 |
| Summary | p. 38 |
| Data Collection and the Data Bank | p. 41 |
| The Appraisal Process | p. 41 |
| The Data Bank | p. 42 |
| Data Forms | p. 49 |
| The Neighborhood and the Home | p. 61 |
| Residential Construction and Home Inspection | p. 69 |
| Site | p. 69 |
| Building Codes | p. 71 |
| Plans and Specifications | p. 71 |
| Architectural Styles | p. 71 |
| House Types | p. 72 |
| Interior Design | p. 75 |
| Foundation | p. 79 |
| Framing | p. 83 |
| Exterior Trim | p. 83 |
| Roof Coverings | p. 83 |
| Exterior Siding | p. 86 |
| Insulation | p. 89 |
| Exterior Windows and Doors | p. 90 |
| Interior Walls and Finishing | p. 95 |
| Plumbing | p. 95 |
| Heating and Air-Conditioning | p. 96 |
| Electrical System | p. 99 |
| The Sales Comparison Approach | p. 103 |
| Basics of the Sales Comparison Approach | p. 103 |
| Appraisal Process | p. 104 |
| Applying the Sales Comparison Approach | p. 104 |
| Site Valuation | p. 127 |
| Separate Site Valuations | p. 128 |
| Site Data | p. 129 |
| Methods of Site Valuation | p. 134 |
| The Cost Approach | p. 143 |
| The Theory Behind the Cost Approach | p. 143 |
| Applying the Cost Approach Formula | p. 145 |
| Reproduction Cost versus Replacement Cost | p. 145 |
| Finding the Reproduction Cost | p. 147 |
| Accrued Depreciation | p. 151 |
| Itemizing Accrued Depreciation | p. 156 |
| Cost Approach Using the URAR Form | p. 158 |
| Usefulness of the Cost Approach | p. 158 |
| The Income Capitalization Approach | p. 163 |
| Determining Income | p. 164 |
| Selecting the Capitalization Rate | p. 169 |
| Selecting the Capitalization Technique | p. 170 |
| Gross Income Multiplier | p. 172 |
| Reconciliation and the Appraisal Report | p. 177 |
| Reconciliation | p. 177 |
| Types of Appraisal Reports | p. 181 |
| Final Comment | p. 182 |
| Calculating Area | p. 189 |
| Glossary | p. 199 |
| Index | p. 219 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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