 708-597-8884 - S.W. |
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Our guiding principle: Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live. |
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Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee and a local Chicagoland company to provide personal service: Crestwood Office
4731 Midlothian Tpke #32
[contact us] [directions]Crestwood, IL 60445 [708] 597-8884
Licensed with the Illinois Department of Financial & Professional Regulation # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Professionals www.iamp.biz, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State. |
An appraisal is an opinion of value or the act or process of estimating value. This opinion or estimate is derived by using three common approaches, all derived from the market. They are:
- Cost Approach to value is what it would cost to replace or reproduce the improvements as of the date of the appraisal, less the Physical Deterioration, the Functional Obsolescence and the Economic Obsolescence. The remainder is added to the Land Value.
- Comparison Approach to value makes use of other "bench mark" properties of similar size, quality and location that have been recently sold. A comparison is made to the subject property.
- Income Approach to value is of primary importance in ascertaining the value of income producing properties and has little weight in residential type properties. This approach provides an objective estimate of what a prudent investor would pay based upon the net income the property produces.
Then, after thorough analysis of all general and specific data gathered from the market, a final estimate or opinion of value is correlated.
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