A typical appraisal is to determine Fair Market Value, which is the price at which a willing buyer and seller, neither being under any distress, settles to complete a sale. In a sale transaction, the most likely fair market value is the contract price, though this is not always the case, because as a property is listed for sale at an agreeable price to the seller and a buyer presents an offer of sale price that is agreeable to the purchaser, as they negotiate, they determine fair market value for the property.
Is an Appraisal the same as my Tax Assessment? * Not necessarily. The tax assessments are completed on a 2-4 year basis and on a mass scale. The typical assessment process may last 1-2 years before the assessed value is released. An Appraisal Report will take the effective date of the report and look at properties similar to your home specifically and make individual adjustments as needed to determine an adjusted sale price range to analyze for the estimate of value of the subject property.
What is an "as is" or "subject to" appraisal? * As is reports are just that - the estimated fair market value of your property as is stands today. If you have a bathroom that is missing fixtures, there will more than likely be an adjustment to compensate for the lack of usability. This will be reflected in the final estimate of value * Subject to report are completed as though the needed repairs or renovations are complete. Most of the time, it is necessary to have a final inspection with Subject To report to be sure that the subject property repairs and renovations are complete and are as stated in the original report.