He was a certified appraiser and partner in the company when he decided to go out on his own. In 1986, he made the move. Working alongside Donahoe today are three associates who are themselves certified appraisers. Their territory includes Chesapeake, Norfolk, Portsmouth, Virginia Beach, Suffolk, Isle of Wight, Newport News and Hampton. Their clients include most lenders, as well as homeowners, realtors, attorneys and builders.
Appraisals are very time-consuming.
They involve gathering the most current, applicable data on the property, doing an inspection and taking pictures. Then the property is looked at in relation to other comparable properties. Appraisers look at the neighborhood for factors that may affect the marketability of properties in that neighborhood, as well as recent sales. This information is then analyzed in order to determine the fair market value. Appraisals are usually requested for transfer of ownership, financing and credit, to determine just compensation in condemnation proceedings, and in tax, estate and divorce matters.