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What is an appraisal? An appraisal is an unbiased opinion of the nature, quality, value, or utility of an interest in or aspect of, identified real estate and related real property.

The professional real estate appraiser performs a variety of functions and services; that provide different types of value and consults with decisions about real estate.



What are real property appraisals? Real Property Appraisals are to assist you with estimating the fair market value of real estate prior to selling or making an offer to purchase; to review and challenge your real property tax assessment and properly file a real property tax appeal; for the elimination of PMI Insurance or submission to IRS, insurance companies or asset management; to settle an estate or administrative function; and for mortgage financing.

What is Real Property Tax Consulting? Real Property Tax Consulting is to assist you with determining the present market value of your residential or commercial property and the fair share of property tax you should be paying.

What is a Construction Loan Appraisal? An appraisal that is generally completed for the purpose of a borrower obtaining financing for a short term loan to finance construction of real estate improvements. This loan may or may not have a provision for a takeout commitment for permanent financing.

What is a Conventional Appraisal?
An appraisal completed for a permanent loan which is neither insured nor guaranteed by an agency of the federal government, FHA or VA, although it may carry private mortgage insurance.

What is a Farm Appraisal?
An appraisal completed on a tract of rural land devoted to agriculture.

What is a FHA Appraisal?
An appraisal completed for a permanent loan, which is insured by Federal Housing Administration (FHA). FHA insures private lending institutions against loss on loans that are secured by residential mortgages and on loans advanced for repairs, alterations, and improvements, which may be secured by collateral.

What is a Foreclosure Appraisal?
An appraisal completed during a legal process by which a mortgagee, in case of default by the mortgagor, forces sale of the property mortgaged in order to recover all or part of a loan.

What is a Land Appraisal?
An appraisal of vacant land.

What is a Liquidation Appraisal?
An appraisal done for a forced sale of property. (See foreclosure)

What is a Lot Appraisal?
An appraisal of a distinct portion or piece of land. Often this is done in the process of purchasing a lot on which to construct a new home.

What is a PMI Elimination Appraisal?
An appraisal completed in order that a mortgagee may determine if there is sufficient equity in the property to eliminate the need for private mortgage insurance. Typically there should by 20% or more equity in the home. This can be monthly savings on the mortgage payment and is well worth the expense of the appraisal.

What is a relocation appraisal?
A relocation appraisal is an opinion of the most probable sales price of your home in the current market within a reasonable time frame based upon the Direct Sales Comparison Approach to value. A reasonable marketing time depends upon your immediate market area, but the Employee Relocation Council suggests a reasonable marketing period to be up to 120 days.

Generally the relocation companies require two appraisals to estimate this "market value". The average of these estimates are used to arrive at the market value for relocations purposes. If there is a large difference in the two values a third appraisal may be required.

What is a Tax Appraisal? All properties are accessed for taxation purposes by the government in order to raise revenues. Periodically the real estate property values are updated for taxation purposes. These assessments are given to the owner who may feel that the value is too high considering the current market sales in the area. An appraiser may be asked to complete an appraisal to challenge the assessment that was made of their property.

What is a VA Appraisal?
An appraisal completed for the purchase or refinance of a mortgage for a veteran. An appraisal is required to help ensure that any property which will become the security for a VA-guaranteed loan has a value of at least as much as the loan amount, and is in a condition acceptable to VA. Since VA relies exclusively on the sales comparison approach to value, the VA value estimate should never exceed that indicated by the sales comparison approach.

What is a Construction Draw Inspection?


What is a VA Compliance Inspection?


What is a Estate Appraisals or Property Distribution Appraisal?
An appraisal completed on a property of a deceased person. It is typically completed to determine the value of the property as of the date of death. Often done for families who need to divide property between heirs.

What is a Marshall & Swift Replacement Cost Report?
Marshall and Swift Residential Cost Handbook is a standard in the industry for estimating replacement cost as it has been used in the appraisal field for almost fifty years. This handbook is updated each quarter with national and local information useful for the practicing appraiser. Replacement Cost is the cost of construction at current prices of a building having utility equivalent to the building being appraised but built with modern materials and according to current standards, design and layout. The use of replacement cost concept presumably eliminates all functional obsolescence, and the only depreciation to be measured is physical deterioration and economic obsolescence.

What is Mortgage Financing?
Financing the purchase or refinance of real estate with the mortgagor pledging real estate to the mortgagor as security for a loan.

How do I contact Earp Appraisal?
You may contact Earp Appraisal at 919.359.3800 or sales@earpappraisalservice.com.

Our physical address is 11183 US 70 Highway West , Clayton, NC 27520.