If you are buying or selling a single family home, you will most likely see an appraisal that uses the Sales Comparison Approach.
This approach takes the subject property, then the appraiser will do a walk through just to see if there is any significant damage to the home, holes in the wall, missing appliances, started projects that have not been completed, square footage, etc. Then they will take a few pictures, mostly of the outside of the structure and the street surrounding the structure. Then they take all this information back to their office and then the REAL work begins. They may take HOURS researching homes in the neighborhood of the subject property and find similar properties, both in Lot size and structure size, as well as year built, and whether or not they both have swimming pools, 3 car garages, etc. Then based on the recently sold data in the neighborhood, they can assess any differences in lot size, structure size or any differences and add or subtract value to come up with an appraised value.
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