Welcome and 
   We would like to Thank You for Choosing us as your Real Estate Appraiser.

    First Choice Appraisal Services is founded on the Beliefs that the Customer Comes First, and Quality Professional service  with a Friendly staff are the keys to success.

    We provide appraisal services for Houses, Condos and Land in the seven counties of North East Tennessee which include: 

    Washington, Sullivan, Greene, Carter, Unicoi,  Johnson and Hawkins counties.

   Providing :

Fully State Licensed and insured Appraiser

        FHA Certified Appraiser

    Short turn-around time, 24 to 48 hours after date of inspection.

    Quality Appraisal Reports.

    Competitive Pricing.

    And Excellent Service.

 Sets us Apart from the rest

Real estate appraisal

                            Knowledge, Experience, Integrity 
     When you need to hire a qualified real estate appraiser, you look for these qualities.  Our Appraiser has advanced knowledge, years of proven experience, a commitment to strict ethics and standards that financial institutions and individual customers can count on. 

Real estate appraisal:
    Is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the variable nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is the most important determinant of their value.  The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property.  The real estate appraisal is performed by a licensed or certified appraiser. If the appraiser's opinion is based on Market Value, then it must also be based on the Highest and Best Use of the real property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report.  

Highest and best Use:
    is a concept in real estate appraisal. It states that the value of a property is directly related to the use of that property; the highest and best use is the reasonably probable use that produces the highest property value. This use, the Highest and Best Use, may or may not be the current use of the property. 


The Inspection:
    So what goes into a real estate appraisal? It all starts with the inspection. An appraiser's duty is to inspect the property being appraised to ascertain the true status of that property. The appraiser must actually see features, such as the number of bedrooms, bathrooms, the location, and so on, to ensure that they really exist and are in the condition a reasonable buyer would expect them to be. The inspection often includes a sketch of the property, ensuring the proper square footage and conveying the layout of the property. Most importantly, the appraiser looks for any obvious features - or defects - that would affect the value of the house.

Once the site has been inspected: 
    The appraiser uses two or three approaches to determining the value of real property: a cost approach, a sales comparison and, in the case of a rental property, an income approach.

Cost Approach:
    The cost approach is the easiest to understand. The appraiser uses information on local building costs, labor rates and other factors to determine how much it would cost to construct a property similar to the one being appraised. This value often sets the upper limit on what a property would sell for. Why would you pay more for an existing property if you could spend less and build a brand new home instead? While there may be mitigating factors, such as location and amenities, these are usually not reflected in the cost approach.

Sales Comparison:
    Instead, appraisers rely on the sales comparison approach to value these types of items. Appraisers get to know the neighborhoods in which they work. They understand the value of certain features to the residents of that area. They know the traffic patterns, the school zones, the busy throughway's; and they use this information to determine which attributes of a property will make a difference in the value. Then, the appraiser researches recent sales in the vicinity and finds properties which are ''comparable'' to the subject being appraised. The sales prices of these properties are used as a basis to begin the sales comparison approach.

    Using knowledge of the value of certain items such as square footage, extra bathrooms, hardwood floors, fireplaces or view lots (just to name a few), the appraiser adjusts the comparable properties to more accurately portray the subject property. For example, if the comparable property has a fireplace and the subject does not, the appraiser may deduct the value of a fireplace from the sales price of the comparable home. If the subject property has an extra half-bathroom and the comparable does not, the appraiser might add a certain amount to the comparable property.

    In the case of income producing properties - rental houses for example - the appraiser may use a third approach to valuing the property. In this case, the amount of income the property produces is used to arrive at the current value of those revenues over the foreseeable future.

Reconciliation:
    Combining information from all approaches, the real estate appraiser is then ready to stipulate an estimated market value for the subject property. It is important to note that while this amount is probably the best indication of what a property is worth, it may not be the final sales price. There are always mitigating factors such as seller motivation, urgency or ''bidding wars'' that may adjust the final price up or down. But the appraised value is often used as a guideline for lenders who don't want to loan a buyer more money that the property is actually worth. The bottom line is: an appraiser will help you get the most accurate property value, so you can make the most informed real estate decisions.