HOFFMAN APPRAISALS can provide residential appraisal and property consulting      
services in the central Ohio area for homeowners, banks, mortgage brokers and         
corporations, attorneys and estate executors.
OUR EMPHASIS IS ON SERVICE AND QUALITY We make every effort to inspect a          
property within 24 hours of the appraisal order, and transmit a quality  report within      
72 hours of inspection
DUBLIN, OHIO 43017-8748
TELEPHONE: 614-889-0276   FAX: 614-889-0276
EXPERIENCE AND QUALIFICATIONS 12+ Years experience in the central Ohio area.    
State of Ohio licensed appraiser. FHA qualified and approved

A real estate appraisal is a service performed, by an appraiser, that develops an          
opinion of value based upon the highest and best use of real property. The highest     
and best use is that use which produces the highest possible value for the property.
This use must be profitable and probable. Also of importance is the definition and       
type of value being developed. For most typical residential appraisal reports, this         
value is reported on a standardized form, the Uniform Residential Appraisal Report

TYPES OF VALUE There are several types and definitions of value sought by a real      
estate appraiser. One of the most common referred to being market value. Other         
type of value exist (i.e. Value in use, investment value, insurable value) but are              
typically used for more specific appraisal assignments.

The typical definition of market value used in the vast majority of residential                   
appraisal assignments is as follows:
The most probable price which a property  
should bring in a competitive and open market under all conditions 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 is the  
consummation of a sale as of a specified date and the passing of title from seller to
buyer under conditions whereby: (1) buyer and seller are typically motivated; (2)  
both parties are well informed or well advised, and each acting in what he or she
considers his or her own best interests; (3) a reasonable time is allowed for
exposure in the open market; (4) payment is made in terms of cash in U.S. Dollars or
in terms of financial arrangements comparable thereto; (5) 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.

It is important to distinguish between market value and price. A price obtained for a  
specific property under a specific transaction may or may not represent that
property's market value: special considerations may have been present, such as
family relationship between buyer and seller, or else the transaction may have been
part of a larger set of transactions in which the parties had engaged.
Useful Links
Ohio Department
of Commerce
Appraiser Section
U.S. Department
of Housing &
The Appraisal
Fannie Mae
Ohio Finance
Housing Agency
County Auditors
Association of
Columbus Board
Of Realtors
Association of
Ohio Attorney
General Predatory