West Penn Appraisers, Inc. offers a broad range of specialized real estate appraisal services for residential properties that include the following types:
Here is a brief description of some of the most popular residential appraisal types:
This form is utilized for single family dwellings and requires an interior and exterior inspection. It contains all three approaches to value, however, typically the income approach is not applicable to single family residences and therefore, not developed.
An exterior only inspection, this form can be used for single family, multi-family and condominiums. It contains only the Sales Comparison Approach. Due to its limited reporting format, the cost and income approaches are not included.
This form is completed on properties having a condominium form of ownership. An interior/exterior inspection is required. In this reporting format only the Sales Comparison Approach is developed. This type of ownership does not include a land value, but rather a percentage of common area. Therefore, the cost approach is not applicable. The income approach is typically not applicable in this type of property.
This form is completed on investment properties containing 2-4 units. It requires an interior/exterior inspection and all three approaches to value are developed. It includes three competitive listings as well as a rent survey analysis. A Rent Schedule and an Operating Income Statement (Form 216) are also completed.
This form is utilized to estimate the anticipated sale price for a relocating employee’s primary residence. Requiring an interior/exterior inspection, the report contains only the Sales Comparison Approach. It includes the analysis of three competitive listings and is completed on single family dwellings including those having a condominium form of ownership.
This form is a summary appraisal report for 1-4 family properties that can be completed with an interior and/or exterior inspection. It can be completed on single and multi-family properties as well as condominiums. This limited form contains only the Sales Comparison Approach
This form is utilized for vacant land. It contains only the Sales Comparison Approach. It is typically completed on residential land; however, at the request of the client, it can be completed on commercial land.
For more information on residential appraisals, please visit our Frequently Asked Questions page.