What is a summary appraisal report?

A summary appraisal report is the result of a process used to develop an opinion of value. This is the most detailed process we commonly offer. It describes your property in full detail, from the type of roof you have to your floor coverings.

Our appraisers examine available details for similar properties sold or currently listed near your neighborhood. They describe your neighborhood, conditions affecting local values, and provide a detailed breakdown of how they reached their conclusions, including all sources of information.

Qualified Appraisers, Inc. considers three common approaches to the valuation process (at least one approach is applied depending on property validity):

• Cost Approach: The estimated cost of the home if built new, minus physical depreciation, plus the estimated land value.
• Sales Comparison Approach: A direct comparison of your property to similar properties in your area.
• Income Approach: Primarily for income-producing properties. Estimates what an investor would pay based on the property's potential rental income.

Why would I need a home appraisal?

While many people believe appraisals are only for buying, selling, or securing a mortgage, Qualified Appraisers, Inc. provides appraisals for many other purposes, including:

• Lowering property taxes
• Estate settlement
• Lawsuit involvement
• Divorce settlements
• Bankruptcy proceedings
• Foreclosures
• Obtaining a loan

***For more information on the uses of a professional appraisal, click here to visit The Appraisal Foundation.

What is the difference between an appraisal and a home inspection?

A home inspector is not an appraiser. An inspector’s report evaluates mechanical and structural systems (heating, central air, plumbing, electrical, roof, attic, insulation, walls, ceilings, floors, windows, doors, and foundation). While an appraiser notes general visible condition, they are not qualified to assess system functionality beyond basic observation.

Conversely, while a home inspector thoroughly evaluates working conditions of home systems, they are not qualified to determine market value.

What is the difference between an appraisal and a Comparative Market Analysis (CMA)?

A CMA relies on overall market trends and does not fully account for key details like structural condition, precise location nuances, or construction costs. Furthermore, CMAs are prepared by real estate agents who have an interest in the transaction and earn commissions based on sale price.

Qualified Appraisers, Inc. appraisers are licensed, certified, independent professionals paid strictly for generating an objective appraisal report. Our fees are completely independent of the final property value.

What is PMI? How can I get rid of it?

PMI stands for Private Mortgage Insurance, which protects lenders against loss when a home is purchased with less than 20% down. Once your equity reaches 20% or more, you can typically eliminate PMI.

Qualified Appraisers, Inc. performs official PMI removal appraisals. Contact your mortgage lender for their specific steps required to remove PMI.

What is "Market Value"?

As defined in USPAP standards set by The Appraisal Foundation, Market Value is defined as:

"The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus."

This assumes a sale on a specified date and title transfer where:

1. Buyer and seller are typically motivated.
2. Both parties are well informed or advised and acting in their own best interest.
3. A reasonable time is allowed for exposure in the open market.
4. Payment is made in USD cash or equivalent financial arrangements.
5. The price represents normal consideration unaffected by special financing concessions.

Where does an appraiser get the information used to estimate value?

Qualified Appraisers, Inc. gathers specific property data (location, condition, amenities, size) during a walkthrough assessment (or via phone interview for basic Restricted Use Appraisals without an inspection).

We combine field observations with broader market data sourced from Local Multiple Listing Services (MLS), verified sales prices via tax records, public records, and flood zone mapping from FEMA. We also draw upon our 18+ years of experience appraising properties across similar regional markets.

Which home renovations add the most value?

Return on investment depends heavily on location. For instance, central air conditioning adds significant value in warm climates like Miami, Florida, but may have less impact in Fargo, North Dakota. Generally, kitchen and bathroom remodels offer the highest return.

Beware of "over-improving" a home relative to your neighborhood, which makes it difficult to recoup investment costs. Contact Qualified Appraisers, Inc. at qualifiedappraisermike@gmail.com or 513-490-4424 for guidance on high-ROI improvements in your market.

What is the difference between a summary appraisal report and a restricted use appraisal report?

A summary appraisal report is the most detailed report available and is accepted across all institutions requiring standard URAR documentation. It is recommended for clients serious about selling property or planning major capital investments.

A restricted use appraisal report is streamlined and intended primarily for internal homeowner decision-making—such as assessing whether to list, making minor improvements, or evaluating property tax disputes.