The specific data pertaining to the subject property comes from either and interior or exterior physical inspection by the appraiser, dependent upon the need. Generally for residential dwellings the physical inspection occurs within a 30 to 60 minute period, with complex commercial or industrial properties taking several hours for the completion of the property inspection. During the period of physical inspection, the appraiser will generally obtain any pertinent information from the owner or agent such as floor plans, site plans, income/expense data, and tax record cards.
The appraiser generally completes a visual exterior inspection of the comparable sales, with interior inspections only at the client's request or should the appraiser deem this to be necessary. Most pertinent data for comparable sales is obtained and verified from available public records or other reliable sources.
The final work product will include, at a minimum, a letter of transmittal, neighborhood analysis, site description, description of the improvements, cost approach, direct sales comparison approach, reconciliation, definition of market value, certification and limiting conditions, building sketch, photographs of subject property and comparable sales, and a location map.