Common Questions

What is a Chattel?

CHATTEL: A tangible and movable item that is not a fixture may be personal property, and may be included with the realty.

What is Highest and Best Use?

The reasonably probable use of real property, that is physically possible, legally permissible, financially feasible and maximally productive, and that results in the highest value.

How long does the home inspection take?

The home inspection takes between 20 minutes to 1 hour depending on the size of the property.

6. What is the difference between an Appraisal and a Comparative Market Analysis (CMA)?

The CMA relies on vague market trends. The appraisal relies on specific, verifiable comparable sales. In addition, the appraisal looks at other factors like condition, location, upgrades, lot size, house size, etc. A CMA delivers a ''ball park figure.'' An appraisal delivers a defensible and carefully documented opinion of value.

But the biggest difference is the person creating the report. A CMA is created by a real estate agent who may or may not have a true grasp of the market or valuation concepts. The appraisal is created by a licensed, certified professional who has made a career out of valuing properties. Further, the appraiser is an independent voice, with no vested interest in the value of a home, unlike the real estate agent, whose income is tied to the value of the home.

What is the Difference between Real Estate Appraisers and Home Inspectors?

Home Inspector - Home Inspectors develop a recap or snapshot of the condition of the property mainly for buyers purchasing a home, but it is not limited to just buyers. Other users might be sellers, mortgage underwriting, banks, and contractors.

Real Estate Appraiser -  Real estate appraisers develop an opinion of value for the subject property for various reasons including mortgage underwriting. Some examples of this are: buyers purchasing a home, owners refinancing a home, and clients who are building a home. Other non traditional uses for an appraisal include valuation for insurance companies, helping sellers arrive at a market value to list their home, estate planning, and tax appeals.