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In a nut shell the definition of Appraisal Value Dispute is the fact that there are at least 2 opinions of value. It could be referred to present, past or future value of a property. The reason for having various opinion is that different appraisers have different perspective of the market environment and their comparable are not the same. Therefore, they will get to different values. I believe that arriving at an opinion of value is a combination skill of art , experience and mathematics. For reaching an opinion of value the appraiser uses the following methods:
1. Cost Approach: which refers to replacement or reproduction of the improvements as of the date of appraisal.  
2. Sales comparison approach: Comparing and adjusting by using pair analysis of the subject characteristics with similar sold/active properties 
3. Income Approach: Value based on the income acquired from the subject property

Wikipedia defines the above procedures as:Definition of value by Wikipedia

What is the correct Home Appraisal Process to determine property value the right way? Watch the following video.

The video explains the importance of the following factors in home valuation:

1. Location
2. Market
3. Age
4. Condition
5. Improvement
6. Neighborhood

Each of the above factors has great role when evaluating the appraisal of a piece of property.


https://www.youtube.com/embed/fyvQHiKlh_g?rel=0

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