A years ago, we have had received a numerous requests from would be clients who asked for our professional services in determining the value of their properties for use in different types of requirements. Some of our friends in the industry or most of the time our clients are asking for hypothetical estimate or Broker’s Price Opinion (BPO) which is cheap and fast but not that as accurate and precise as with a formal appraisal report determined by a seasoned real estate appraiser.
Real estate appraisal have very useful functions especially in determining the Fair Market Value (FMV) of a property for the purposes of tax payments required in Bureau of Internal Revenue, personal records of a client in the process of selling or lending confirmed offered price of real property, offering subject property for sale, settlement of disputes involving real estate properties and documentary requirements for support visa application / immigration and many more.
In determining the value of property, a real estate appraiser uses approved, standardized methods available in the Philippine setting like the Philippine Valuation Standards published by the Bureau of Local Government Finance / Department of Finance or International Valuation standards from United Kingdom or Uniform Standards of Professional Appraisal Practice (USPAP) from the United States of America. The appraisal process involves the determination of market value of a property, market price of a property. The appraiser will also use one of the three approaches or a combination of two techniques in determining the market value or market price of a subject property. It can be a Sales approach, Income Approach, Cost approach.
Other than valuation, the role of a real estate appraiser can act as expert witness if summoned in the court of law in the appraisal undertaking involved in court cases and litigation including expropriation of property by the local / national government. They can also act as an independent appraiser hired by the defendant / property owner during court litigation.
Without real estate appraisal it can very tricky for sellers and buyers to agree upon the possible sale of a property in order to over-exuberance or under valuation of a subject property. Evidently it must be factual, accurate and precise valuation with a written appraisal report is a requirement and a necessity before settling upon the price offer or sale.
With the help of a qualified and licensed real estate appraiser this can be done. Their expertise can help you a lot in your specific needs or requirements as such it may arise. For inquiries, you may visit our website at www.cfbaluyutrealty.com or call us at telephone number (045) 961-5936.
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