A home purchase is the largest, single investment most people will ever make. Whether it's a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties to pull it all off.

Most of the people involved are very familiar. The Realtor is the most common face of the transaction. The mortgage company provides the financial capital necessary to fund the transaction. The title company ensures that all aspects of the transaction are completed and that a clear title passes from the seller to the buyer.

This is where the appraisal from Alden Appraisals LLC comes in. An appraisal is an unbiased estimate of what a buyer might expect to pay - or a seller receive - for a parcel of real estate, where both buyer and seller are informed parties. To be an informed party, most people turn to a licensed, certified, professional appraiser to provide them with the most accurate estimate of the true value of their property.

The Inspection:

So what goes into a real estate appraisal? It all starts with the inspection. An appraiser's duty is to inspect the property being appraised to ascertain the true status of that property. He, or she, must actually see features, such as the number of bedrooms, bathrooms, the location, and so on, to ensure that they really exist and are in the condition a reasonable buyer would expect them to be. The inspection usually includes a sketch of the property, ensuring the proper square footage and conveying the layout of the property. Most importantly, the appraiser looks for any obvious features - or defects - that would affect the value of the house.

Once the on-site inspection has been completed, an appraiser uses two or three approaches to estimate the value of real property: a Cost Approach, a Sales Comparison Approach, and in the case of an income producing property, an Income Approach. The important thing for you to know is the amount of research and calculation that goes into a final appraisal report. At least two of the three approaches to value should be incorporated into the appraiser’s analysis.

The Difference: (Your question may be)

“So – what is the difference who does that job ? Aren’t you all Licensed ?”

Well – yes , licensing is the first, and most basic qualification for appraisers. Many years ago, before there were any qualifications or rules to protect the public, anyone who printed a business card could be an appraiser. Thankfully, that is not true today. Appraisers entering the field get “licenses” and are called “Trainees”. This is merely a device to let the lenders and the public know that the individual has less than two years experience, and may not be as familiar with all the necessary techniques for some properties. And, if Trainees want to progress to standard License, Certified Residential, or Certified General levels, he/she should work under a fully qualified and licensed /certified appraiser.

Our Appraisers :

Alden Appraisals is a long established company with four appraisers available. We believe the “team” approach is the most effective, and typically a property inspection will be accomplished by more than one of us. Our lead appraiser is Jim Pratt, a Certified General Appraiser with more than 25 years experience, appraising all types of real estate. Mike Cordell and Pete Palmer are both Certified Residential appraisers with years of experince and hundreds of appraisals under their belts. Both Mike and Pete are very qualified and experienced in property inspections of commercial as well as residential properties. Our fourth appraiser is Glinda Cordell (Mike’s wife) who comes to us with both residential sales and mortgage service experience, and is progressing rapidly in the appraisal business. Jim personally accompanies trainees on property inspections, and thoroughly reviews all reports prior to signing them and transmitting the reports to our clients. YOU CAN BE ASSURED OF BOTH, THOROUGH PROPERTY INSPECTIONS, AND COMPLETE, ACCURATE REPORTS by using ALDEN APPRAISALS !