An appraisal is the act or process of developing an opinion of value. 

The most common reason to obtain an appraisal is for real estate (selling a home) and mortgage transactions (applying for a loan). Other reasons include:  

• Settling estates  
• Protecting rights in condemnation case  
• Providing information to the IRS 
• Appealing real estate taxes  
• Removing PMI (Private Mortgage Insurance)  
• Negotiating while purchasing real estate  
• Reinstating Home Equity Line of Credit (HELOC) 
• Getting divorced  
• Investing  

A real estate appraiser provides an objective and unbiased appraisal of the value of a property which courts, lending institutions, government agencies, and the public may rely upon  

• Certified 
• Years of experience in Centre County 
• Referred by banks and previous customers  
• Understands real estate market  
• Reputable and unbiased  
• Reliable  

Scott Shamrock checks every box.

General Appraisers can appraise any and all types of property.

Residential Appraisers perform appraisals for residential property or vacant land.

Scott is a General Appraiser.

The most common type of appraisal assignment is the development of an opinion of market value. Participants in the real estate market commonly think of value in three ways:  

Cost Approach: The current cost of reproducing or replacing a building, minus an estimate for depreciation plus the value of the land 

Sales Comparison Approach: The value indicated by recent sales of comparable properties in the market  

Income Approach: The value that the property’s net earning power will support  

One or more of these approaches may not be applicable to a given assignment or may be less significant because of the nature of the property. The three approaches to value are analyzed, applied and reconciled within the context of the valuation process to determine an opinion of value. 

Specific data is gathered during the property walkthrough – location, condition, amenities, size, etc.  

General data is collected from many places – local Multiple Listing Service*, tax records, public documents, government agencies, FEMA data outlet service, and more.  

*A Multiple Listing Service is a service that real estate brokers use to provide information about properties that are for sale which can be accessed by appraisers to provide the most accurate valuation. 

Unwashed dishes, stray clothes, unmade beds, etc. do not affect the value, but signs of neglect to the actual structure will. Also note I take photographs of the property I am appraising. 

The length of the walk through can vary, but typically, residential takes 20 to 30 minutes and commercial properties take 30 minutes to 1 hour.

Yes. I look at every feature of property and decide if it will have a direct impact on the appeal to a potential buyer. This means upgrades and updates can significantly impact the valuation. 

Leading up to your appraisal, walk around the property, inside and out, with a critical eye and create a check list of repairs or updates that can be completed prior to your appraisal.  

Residential appraisals are ready between 5 and 7 business days.

Commercial appraisals are ready in approximately 30 business days.

I need to look at data and do a proper analysis before I can give a response.