Property valuation is a definite boost to any property deal from a sellers end. A property valuer is an authorized practitioner that establishes the fair market value of any property. The market value of any property sets the momentum of the offer that a seller places in front of a buyer.
The fair market value of property is defined in this case as the most probable price which a property should introduce in a competitive and open market under all conditions needed to a fair sale. The buyer and seller acting sensibly, knowledgeably and presumptuously; agreeing to that fact that such an established valuation is not influenced by unnecessary stimulus. In a fair valuation of any property the consummation of a sale on an agreed date, passes the title from seller to buyer takes place. The price that is discovered from an independent valuation represents a regular consideration for the property sold unaltered by special financing or sales concessions granted by anyone associated with the sale.
A property valuer performs such activities as are mandated by the government when a seller intends to sell any commercial, residential or industrial property in an open market. These activities include a complete visual inspection of the interior and exterior areas of the concerned property, determining the market value of a property on the bases of the standard valuation procedures such as sales comparison approach to value that uses the market data to develop a reliable sales comparison for a valuation.
A valuer also researches, verifies, analyzes, and reports any present agreement for sale for the concerned property, any offering for sale of the subject property in the preceding twelve months of the valuation. While a sales comparison approach for Free Property Valuation is employed by a valuer, he or she selects and utilizes comparable sales that are locationally, physically, and functionally very identical to the property in question. Such a consideration maintains a fair and accepted market value environment in the concerned geographical market area.
A licensed property valuer is aware of and accesses the required public and private data sources, viz. multiple listing services, tax assessment records, and public land records for the area in which the property is located. Such a professional also considers the potential factors that may have an impact on value with respect to the subject neighborhood, and the proximity of the concerned property to adverse influences in the development of their judgment of the market value.
They also consider any unfavorable conditions viz. repair requirement, worsening, the presence of hazardous wastes, toxic substances, undesirable environmental conditions, etc. observed while inspecting the concerned property. Such an act aids in valuation and marketability of the real estate property.