Market appraisal is another name for valuation (or as we get regularly asked, an ‘evaluation’!).
How does a market appraisal differ from a valuation?
Both a market appraisal and a valuation are an estate agent’s opinion of the price your property
might sell for on the open market at a given time. They are essentially the same thing, with one main
difference: a market appraisal is a verbal valuation offered by the agent when inspecting the
property for sale. A valuation however is a written document. The agent carefully researches and
includes supporting comparables to justify the figure provided in their report. Another difference is
that a market appraisal should be provided free of charge, while there is always a fee for a valuation.
When would I need a written valuation report?
Just this week, a gentleman came into my office whose mother-in-law has gone into long-term
residential care. As her circumstances have changed, she needs to apply for the Fair Deal scheme
and now needs a valuation, hence my services are required.
One of the regular requests we receive is for probate valuations (we will do a separate blog on this
issue in due course). Briefly, a probate valuation relates to a person’s estate and its administration
by the executor. A probate valuation is always dated to the date of death, no matter how long ago
that may be.
Asset transfer valuations apply when a son or daughter is receiving the family farm, or a site to build
a house or the family home. These can be produced for countless types of assets; the auctioneer
generally works closely with the solicitor and the tax advisor for the transferor. The transferor and
the transferee are now required to have independent legal advice, so sometimes the estate agent
can be in contact with two sets of legal parties.
Family law valuations: these are the ones we estate agents love to hate, as in any dispute there are
winners and losers. Estate agents come under all sorts of pressure when calculating these valuations
but it is always best to stand back and let the agent do their job professionally and competently.
When the facts are being presented, the court will consider each report and see which bears the
closest resemblance to reality and which does not, so make sure your valuer is independent and
Mortgage valuation: this is required by a financial institution to gain an independent valuation of the
asset that they are lending on before approving (or refusing) a mortgage to the purchaser.
So, as you can see, there are a number of reasons that you will need a written valuation but only one
reason that you need a verbal market appraisal.
Thinking of selling your property in Kerry and beyond?
We at Mannix Property Services sell property in all of Kerry and beyond.
Please register your details here and our Client Services department will be in touch
to see how Mannix Property Services can help. Alternatively, call Brendan on 086