Saturday, March 24, 2007

Word(s) Of The Day -- 'Valuation Process'

Valuation Process is the systematic method used by an appraiser to derive a value estimate of a property. Steps in the valuation process are:

- definition of the problem
- preliminary analysis
- data collection
- highest and best use analysis
- estimate of land value
- application of the three appraisal approaches (cost, market, income)
- reconciliation of value estimates
- report of value

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