Real Estate Appraisal Services

The vendor required to provide real estate appraiser shall furnish a substantiated appraisal report of the market value of the property being appraised, to be estimated in accordance with recognized appraisal procedures.
- The appraiser shall make such investigations and studies as are necessary to derive sound conclusions as to the market value of the property and to prepare an adequate appraisal.
- Assignment:
•    The appraiser shall first report, regardless of any larger parcel determination, a market value conclusion for each tract provided herein, and calculate an aggregate per acre value containing all tracts.
•    If the appraiser’s determination(s) that an extraordinary assumption(s) needs to be and is employed as of the effective date of the appraisal, the appraiser shall document why an extraordinary assumption was employed.
- Market value:
•    The most probable price which a property should bring in a competitive and open market under all condition’s requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. 
•    Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
o    Buyer and seller are typically motivated; 
o    Both parties are well informed or well advised, and each acting in what they consider their own best interest; 
o    A reasonable time is allowed for exposure in the open market; 
o    Payment is made in terms of cash in dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
- Sales comparison approach:
•    The appraiser shall verify, insofar as is practicable, all recent sales of the property that the appraiser has taken into consideration as reflecting the value of the property appraised. 
•    Such verification shall include interviewing the seller, buyer, agent, or any other person known to have participated in the transaction, to ascertain the consideration, the terms and conditions of the sale, any special factors affecting the amount of the consideration, and the actual condition of the property at the time of transfer. 
•    The name and phone number of the person verifying the sales data shall be reported in the appraisal. 
•    The appraiser shall include in their work file a list of comparable sales that were considered and not included in the final appraisal of the subject, including a reason for the rejection of each sale.
•    The appraisal must substantiate any quantified adjustment to comparable sales with market data. 
•    The absence of market data, the appraiser must provide a detailed qualitative analysis that compares each sale to the subject property (and ranks them comparatively by characteristic).

- Questions/Inquires Deadline: January 12, 2026