Most important is the need for the parties to define the purpose and the type of appraisal sought. Client and appraiser must nail down these specifics and incorporate them into a written agreement. As the appraiser compiles data pertinent to a report, consideration must be given to the sites and amenities as well as the physical condition of the property. The purpose of the appraisal is not to create the value, but rather to interpret the market and arrive at a value estimate. Therefore, I may spend only a short time inspecting the property.
Inspection is just the beginning.
Considerable research for collecting general and specific data must be accomplished before I can arrive at a final opinion of value. The same holds true for any appraiser. The type of information gathered and examined and how the information is interpreted relates directly to the type of appraisal sought. If the client is a creditor who is interested in a quick sale and satisfaction of his debt, a liquidation evaluation of the debtor's property may be appropriate. Premised on the need for a quick and immediate turnover, the liquidation value is the most conservative of all appraisals.