April 27, 2010
The Cost Approach is the second approach an Appraiser can use in making a determination of value. There are two ways to determine the cost: reproduction cost or replacement cost. Reproduction is the exact replication of the house using the same materials, etc. Replacement is the cost to replace the house using today’s materials, etc less accrued depreciation.
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April 7, 2010
Surprisingly, there are still individuals and/or entities out there that will call and tell you they have an appraisal order, but before they spend their money or their client’s money they want to see if they could get a comp check to determine if the value is there for the loan to go through!! Of course they ask in many different ways – estimate of value, your take on the value, will the value come close to the number!! They want to hear a number.
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