APPRAISAL INFORMATION:
MASTER VALUE APPRAISAL
Professional Appraisal Service
YOUR COLORADO FRONT RANGE SPECIALISTS.  FHA APPROVED
STATE LICENSED AND E & O INSURED.

COUNTIES SERVICED:
Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Elbert, El
Paso, Larimer, Jefferson and Weld.


FORM TYPE AND FEE
1004 STANDARD:     $350.00
1007 CONDO:           $350.00
1025 2-4 FAMILY:     $675.00
2055 EXTERIOR:       $300.00
2075 DRIVE BY:        $175.00
LAND:                        $275.00
1007 RENTAL:           $50.00
216 INCOME:            $50.00
442 RECERTS:          $75.00


OUTBOUND FEES    $25-100 PLEASE CALL
OR EMAIL
SIZE FEES                 $50 AND UP, PLEASE CALL
OR EMAIL
HOME VALUES ABOVE ONE MILLION:  PLEASE CALL
OR EMAIL




What an appraisal is:

Generally speaking, a residential real estate appraisal as we know it
is an attempt to establish an OPINION of "fair market value" for a
property using one or more valuation methods recognized by the
Uniform Standards of Professional Appraisal Practice (USPAP).  
USPAP are the guidelines and standards followed by todays
professional appraiser.  These guidelines are present to allow a
consistent and usable product for the defined "user" (generally
someone in the mortgage industry, but is open to anyone that needs
appraisal services).  All Master Value Appraisers follow USPAP
guidelines explicitly unless indicated differently in their report.

Market Value:
Appraisal is an attempt to establish an estimate of "Market Value" for
the Subject Real Estate as of the appraisal date.

"Market Value" as herein is defined as the most probable price
which a property will bring in a competitive open market under all
conditions requisite to a fair sale, with the buyer and seller each
acting prudently and knowledgeably, and assuming the price is not
affected by undue stimulus.  Impact in this definition is the
consummation of a sale as of a specified date and passing of good
title from seller to buyer under conditions whereby:

1.  Buyer and Seller are both typically motivated.
2.  Both parties are well informed and well advised, and acting in
what they consider their own best interest.
3.  A reasonable time is allowed for exposure in the open market.
4.  Payment is made in terms of cash in US dollars or in terms of
financial arrangements comparable thereto.  And...
5.  Price represents normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted to anyone involved in the transaction.

These guidelines are key to understanding appraised value.  
Appraised value can be what a piece of real estate would PROBABLY
sell for on the open market under normal circumstances.

APPROACHES TO VALUE:

SALES COMPARISON APPROACH:

This approach compares a subject property's characteristics with
those of comparable properties which have recently sold in similar
transactions. The process uses one of several techniques to adjust
the prices of the comparable transactions according to the
presence, absence, or degree of characteristics which influence
value. As such, all sales comparison approach methods are
variations on hedonic-type measurements, which determine the
value of something as the sum of the value of the various
components which contribute utility.

INCOME APPROACH:

This approach is particularly common in commercial real estate
appraisal and in business appraisal. The fundamental math is similar
to the methods used for financial valuation, securities analysis, or
bond pricing. However, there are some major differences when
used in real estate or business valuation.

While there are quite a few acceptable methods under the blanket of
the income approach, most of these methods fall into three
categories: direct capitalization, discounted cash flow, and gross
income multiplier.

The income approach is necessary when dealing with income
producing properties such as rental units or commercial lease
property.

COST APPROACH:

The cost approach was formerly called the summation approach. The
theory is that the value of a property can be estimated by summing
the land value and the depreciated value of any improvements. The
value of the improvements is often referred to by the abbreviation
RCNLD (reproduction cost new less depreciation or replacement
cost new less deprecation). Reproduction refers to reproducing an
exact replica. Replacement cost refers to the cost of building a
house or other improvement which has the same utility, but using
modern design, workmanship and materials. In practice, appraisers
use replacement cost and then deduct a factor for any functional
disutility associated with the age of the subject property.

In most instances when the cost approach is involved, the overall
methodology is a hybrid of the cost and sales comparison
approaches. For example, while the replacement cost to construct a
building can be determined by adding the labor, material, and other
costs, land values and depreciation must be derived from an
analysis of comparable data.

The cost approach is considered reliable when used on newer
structures, but the method tends to become less reliable for older
properties. The cost approach is often the only reliable approach
when dealing with special use properties (e.g. -- public assembly,
marinas).
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