Homes, Commercial Property & Auction Appraisal

If you own a piece of property that you would like to dispose of, you are probably aware of auctioning as a way of property disposal. However, before you proceed with this option, it is essential that you understand how auction appraisal works. Appraisal services provide the prospective seller with an estimate of how much the property will fetch in the current market. Here is a guide to all you need to know about this exercise. 

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Dealing with auctioneers

If you wish to sell your item via auction the first step is to get in touch with a reliable auctioneer. The auctioneer will assist you to arrive at a pre-sale estimate of your house or any commercial property you intend to sell. Since most auctions take place on Friday, it is advisable to contact your valuer two weeks before the auction date. Make an appointment if you have multiple items you intend to sell.

Appraisal agreements and fees

You will be required to sign an appraisal agreement with your valuer prior to commencing work on the appraisal. This arrangement is a binding contract between the seller and the auctioneer stipulating all the terms and conditions pertaining to the exercise.

Requirements

Once you have filled the formal appraisal application, you will need to furnish you auctioneer with a few documents. Pictures come in handy when assessing the value of an item. Provide a professional photograph that clearly shows the front, back as well angular images of the property in question. This requirement is especially crucial for homes and apartments also include dimensions to help paint an accurate picture of the property. You also need to provide details on when and how you acquired the item.

For the case of multiple commercial items, you can request the auctioneer to perform an in-person visit for a better estimate. Such visits are crucial because they allow the experts to verify the condition and existence of the property.

Timelines and fees

Appraisals of involving multiple commercial or housing units will usually take at most four weeks to complete. If the estimate is significant, then your valuer may require more time to arrive at an accurate evaluation. Finally, note that appraisal fees do apply to this kind of services. Compare the rates offered by different valuers and choose that which appears competitive while matching the quality of service. Additional expenses such as travel and out-of-pocket fees may apply depending on the nature of the appraisal.