Errors Commonly Made in Real Estate Appraisal Reporting

Real estate appraisal reports are complex documents that contain lots of figures and calculations, so using appraisal software from ReportBuilder Pro helps to alleviate errors.  Unfortunately, the more complex a document, the more likely it is to contain errors, so here are a few points to check to reduce the risk of errors:

• Check the values for the gross living area – often referred to as GLA, the gross living area is the square footage in your building that you heat and cool. The easiest way to verify the correctness of the measurement is to compare the figure in your current appraisal with the figure in a previous appraisal. If you find that the difference between the two figures is considerable, ask for a recalculation;
• Improvements factored in – your appraisal must reflect any changes and improvements that you have made to your home. Many improvements that get forgotten and omitted in appraisal reports could be considered to be valuable by potential buyers, so don’t miss an opportunity to increase your asking price;
• The sales comparables – appraisal reports contain a sales comparables section that positions your property on the market based on the price for which other, similar properties were sold in your area. If the properties that yours is compared to are not chosen right, the price determined for your property might not be right either, so make sure that the terms for comparison are, indeed, correctly chosen.

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