FAQs
Our responses to some common questions regarding real estate appraisal.
What is an appraisal?
A real property appraisal is an opinion of value developed by a qualified, licensed appraiser.
Why would I need an appraisal?
Appraisals are ordered for mortgage lending, estate planning and resolution, litigation support, marriage or partnership dissolution, various income tax purposes, including determining the value of donated property, property tax reduction, removal of private mortgage insurance (PMI), partial interest valuation, development feasibility analysis, and other reasons.
How much does an appraisal cost?
Appraisals are priced according to the complexity of the assignment. Vanguard Valuation Advisors provides appraisal services at competitive rates.
How long does it take to complete an appraisal?
The turnaround time for an appraisal depends on the complexity of the assignment. Our turnaround times for commercial and non-lending residential appraisals are generally less than 21 days from the engagement of the assignment, although more complex appraisals may require more time. Residential appraisals for mortgage lending purposes are generally completed within a week. We make every effort to accommodate clients’ scheduling needs.
In what areas do we provide appraisals?
Our appraisal practice covers most of Los Angeles and Ventura Counties in California.
What types of properties do we appraise?
We appraise both commercial and residential properties. We have expertise in the appraisal of industrial, retail, office, and most other commercial property types, and in the appraisal of single-family residences, condominium units, and 2 – 4 unit residential income properties. In addition, we appraise raw land, be it an urban lot or a rural parcel.
What is the Appraisal Institute? What is the MAI designation?
The Appraisal Institute is an international professional society composed of commercial and residential appraisers. The Institute provides resources, education, and representation for the appraisal profession. The MAI designation is awarded by the Appraisal Institute to experienced appraisers who have completed extensive educational requirements and rigorous testing, and who have demonstrated their mastery of appraisal techniques and practice. The MAI designation represents advanced knowledge. It stands for years of proven, real-life real estate valuation experience. And it means a commitment to strict professional ethics and standards.
What is USPAP?
USPAP stands for the Uniform Standards of Professional Appraisal Practice. This document provides the standards and requirements by which appraisals must be prepared by licensed appraisal professionals. The USPAP document has Ethics, Record Keeping, and Competence Rules, among others. It is revised bi-annually to reflect changes in an evolving profession.
What is an appraisal?
A real property appraisal is an opinion of value developed by a qualified, licensed appraiser.
Why would I need an appraisal?
Appraisals are ordered for mortgage lending, estate resolution, partial interest valuation, marriage or partnership dissolution, feasibility analysis, taxation, including property tax adjustment, and other reasons.
How much does an appraisal cost?
Appraisals are priced according to the complexity of the assignment. Vanguard Valuation Advisors provides appraisal services at competitive rates.
How long does it take to complete an appraisal?
The turnaround time for an appraisal depends on the complexity of the assignment. Our turnaround times for commercial and non-lending residential appraisals are generally within 21 days of the engagement of the assignment, although more complex appraisals may require more time. Residential appraisals for mortgage lending purposes are generally completed within a week. Rush orders may be accommodated, depending on prior commitments.
In what areas to you perform appraisals?
Our appraisal practice covers most of Los Angeles and Ventura Counties in California.
What types of properties do you appraise?
We appraise both commercial and residential properties. We have expertise in the appraisal of industrial, retail, office, and most other commercial property types, and in the appraisal of single-family residences, condominium units, and 2 – 4 unit residential income properties. In addition, we appraise raw land, be it an urban lot or a rural parcel.
What is the Appraisal Institute? What is the MAI designation?
The Appraisal Institute is an international professional society composed of commercial and residential appraisers. The Institute provides resources, education, and representation for the appraisal profession. The MAI designation is awarded by the Appraisal Institute to experienced appraisers who have completed extensive educational requirements and rigorous testing, and who have demonstrated their mastery of appraisal techniques and practice. The MAI designation represents advanced knowledge. It stands for years of proven, real-life real estate valuation experience. And it means a commitment to strict professional ethics and standards.
What is USPAP?
USPAP stands for the Uniform Standards of Professional Appraisal Practice. This document provides the standards and requirements by which appraisals must be prepared by licensed appraisal professionals. The USPAP document has Ethics, Record Keeping, and Competence Rules, among others. It is revised bi-annually to reflect changes in an evolving profession.