Utah Real Estate Appraisal

An appraisal is an estimated value of a property at a specific date, and supported by relevant data on the area and property. This value is determined by a licensed appraiser that has met all state requirements which include education, experience and certification.

Parts of an appraisal - Essential elements of an appraisal:

Date: The appraiser only takes responsibility for the value on the date the report was created.
Property Description: The exact property that was appraised must be identified in the appraisal.
Estimate of Value: The appraiser is responsible to give a professional estimate of value. This is not a guess. The appraiser can be held liable if a reasonable value is not clearly identified in the appraisal.
Signature of the Appraisal: The appraiser's signature verifies that they accept the liability and that the estimate is a "professional estimate of market value that can be relied on for decision making."

Six Step Appraisal Process
Define the Problem	Determine purpose of appraisal Identify interests (fee simple, etc.) Determine date of appraisal

Conduct Survey	Determine personal needs, fee, and general information about the property

Gather Data	Obtaining specific information about the property

Classify Data	Market Data Approach		Cost Approach	Income Approach

Reconcile Data	Reconcile the data from the three approaches to determine a final estimate of value

Issue Report		Write the Report

	Letter Report		Short Form or Checklist	Narrative Report

There is one main report that is used by most appraisers in Utah:

Universal Residential Appraisal Report

Universal Residential Appraisal Report: This document is usually several pages long. It consists of a write-up on the property with photos, several comparable sold listings, location maps, and an estimated value.

HELOAN	8.250% APR
HELOC	8.250% APR
3/1 ARM	5.250% APR
5/1 ARM	5.750% APR
7/1 ARM	6.000% APR
FHA/VA	5.750% APR
15 Year Fixed	5.875% APR
30 Year Fixed	6.000% APR

UTAH REAL ESTATE APPRAISALS