A real estate appraisal is an independent, professional opinion of a property’s market value. A licensed or certified appraiser inspects the property, researches comparable sales, and prepares a written report explaining the analysis and conclusions. Appraisals are used by lenders, attorneys, courts, government agencies, and property owners whenever an unbiased, well-supported valuation is needed.

Market value is the most probable price a property would sell for in an arm’s-length transaction, meaning both buyer and seller are reasonably informed, acting in their own best interests, and neither is under pressure to buy or sell. It is not the price a seller hopes to get, nor the assessed value used for property taxes. It is an objective estimate of what the property would actually sell for in the current market.

A home inspection evaluates the physical condition of a property including the roof, foundation, plumbing, electrical systems, and so on. An appraisal estimates the property’s market value. They serve different purposes and are performed by different professionals. Many transactions require both, but they are not interchangeable.

A Comparative Market Analysis (CMA) is typically prepared by a real estate agent to help price a property for listing. It is not a formal appraisal and does not carry the same professional standards, liability, or evidentiary weight. A licensed appraisal is required by lenders and is the appropriate tool for legal proceedings, tax appeals, and other situations where a defensible, independent opinion of value is needed.

USPAP stands for the Uniform Standards of Professional Appraisal Practice, the nationally recognized ethical and performance standards that govern how appraisals are conducted in the United States. All licensed and certified appraisers are required to comply with USPAP. Every appraisal Figg Appraisal Group prepares is USPAP-compliant. USPAP is maintained by The Appraisal Foundation.

Fees vary depending on property type, complexity, location, and the type of report required. A standard single-family residential appraisal is generally less expensive than a commercial or specialty assignment. We provide a firm fee quote after our initial conversation, before any work begins and with no obligation to proceed.

We do not provide appraisals on an automated or online-order basis. Every engagement starts with a phone call so we can scope the work accurately and quote accordingly.

Turnaround time depends on the complexity of the assignment, the availability of comparable market data, and current workload. Residential appraisals are typically completed faster than commercial assignments. We discuss expected turnaround during our initial conversation and confirm a timeline before starting work.

It depends on the situation. In a mortgage transaction, the borrower typically pays for the appraisal as part of closing costs. In legal proceedings such as divorce or estate settlement, the party ordering the appraisal pays the fee. In tax appeal cases, the property owner who wants to challenge the assessment pays. We discuss fee responsibility during our initial conversation.

No. An appraisal fee compensates the appraiser for their time, expertise, and the work performed, not for producing a particular value. An appraiser’s job is to provide an independent, objective opinion of value, not to meet a target number. This independence is precisely what makes an appraisal credible and legally defensible.

The appraiser visits the property to observe its condition, take measurements, photograph relevant features, and note any factors that may affect value. For residential properties, this typically includes walking through all rooms, examining the exterior, and noting the condition of major systems and improvements. The inspection usually takes between 30 minutes and a few hours depending on the size and complexity of the property.

For residential properties, someone should be present to provide access. You don’t need to follow the appraiser through every room. In fact, it’s generally better to let them work independently. For commercial properties, we coordinate access with the property owner or manager in advance.

Useful items to have available include a list of any recent improvements or renovations with approximate costs and dates, a copy of any previous appraisals, HOA documents if applicable, and any permits for additions or major work. For commercial properties, current rent rolls, leases, and operating expense data are typically needed. We’ll let you know exactly what’s needed when we discuss your specific assignment.

Appraisers use one or more of three standard approaches to value, depending on the property type and the purpose of the appraisal.

Sales comparison approach: The property is compared to similar properties that have recently sold in the same market. Adjustments are made for differences in size, condition, features, and location. This is the most common approach for residential properties.

Cost approach: The value is estimated based on the cost to replace the improvements, minus depreciation, plus the value of the land. This is most useful for new construction or special-purpose properties.

Income approach: Used primarily for income-producing properties, this approach estimates value based on the property’s ability to generate rental income.

Comparable sales, often called “comps,” are recent sales of properties similar to the one being appraised. Appraisers look for sales that are as similar as possible in terms of size, condition, age, location, and features. When perfect matches don’t exist, the appraiser makes adjustments to account for differences. The selection of appropriate comparables requires local market knowledge and professional judgment. It is one of the areas where experience matters most.

A USPAP-compliant appraisal report includes a description of the property and its condition, an explanation of the scope of work and the purpose of the appraisal, the methods and approaches used to determine value, the comparable sales data and the appraiser’s analysis, a final opinion of value, and the appraiser’s certification and signature. The depth and format of the report vary depending on the type of assignment and the intended use.

Common situations include buying or selling a home, refinancing a mortgage, settling an estate or trust, dividing assets in a divorce, appealing a property tax assessment, obtaining insurance coverage, or any time you need an independent, documented opinion of value for a residential property.

Generally, no. A lender-ordered appraisal is prepared for the lender’s use in connection with a specific loan transaction. The intended user is the lender, not the borrower. If you need an appraisal for a different purpose such as a tax appeal or estate planning, you should order a separate appraisal with the appropriate intended use and scope of work.

A low appraisal doesn’t necessarily mean the deal is dead. Options include renegotiating the purchase price with the seller, challenging the appraisal by providing the appraiser with relevant sales data they may have missed, requesting a reconsideration of value through the lender, ordering a second appraisal, or making up the difference in cash. The right path depends on your specific situation. Your real estate agent and lender can help you navigate the options.

Yes. If you believe a comparable sale was overlooked, a feature was noted incorrectly, or the analysis contains an error, you can submit a written reconsideration of value request with supporting documentation. The appraiser is required to consider the information and respond. Simply disagreeing with the value is not grounds for a reconsideration. You need to provide specific factual information that was not accounted for in the original report.

Yes, to the extent the market supports them. Appraisers note improvements and factor them into the analysis, but the value added by a renovation depends on what buyers in that specific market will pay for it. Not all upgrades add dollar-for-dollar value. High-end finishes in a modest neighborhood may not return their full cost, while a well-maintained kitchen in a competitive price range might add meaningful value. The appraiser’s job is to reflect market reality, not renovation cost.

Basic tidiness is helpful, as it makes it easier for the appraiser to inspect and measure the property. Staging for a showing isn’t necessary. What matters more is access: make sure all areas of the home are accessible, including the attic, basement, and any outbuildings. Point out any recent improvements, permits, or upgrades the appraiser might not notice on their own.

Commercial appraisals are generally more complex and time-intensive than residential work. The properties are more varied, the valuation methods are more involved, and the data required is more extensive. Commercial appraisals often rely heavily on the income approach, requiring detailed analysis of rents, vacancy rates, operating expenses, and capitalization rates. They typically take longer to complete and cost more than residential appraisals.

Figg Appraisal Group has appraised virtually every type of commercial property including office buildings, retail and restaurant properties, industrial and warehouse facilities, mixed-use developments, multi-family apartment complexes, special-purpose properties, vacant commercial land, and agricultural and rural commercial properties. We have also handled more unusual assignments including government facilities, utility infrastructure, and right-of-way acquisitions. See our Commercial Appraisal page for more detail.

For income-producing properties, we typically need current rent rolls, copies of leases, recent operating expense statements, and any capital improvement history. For owner-occupied commercial properties, information about the business and how the space is used can be helpful. For development sites, any existing surveys, environmental reports, or zoning documents are useful. We discuss specific data requirements during our initial conversation.

Yes. We regularly handle valuations for divorce and marital dissolution proceedings. These appraisals require careful attention to the effective date of value, the intended use, and the standards required by the court. Rich Figg has experience serving as an expert witness in legal proceedings and understands how to prepare reports that hold up under scrutiny. All divorce-related appraisals are handled with complete discretion.

Yes. A date-of-death appraisal, also called a retrospective appraisal, determines the market value of a property as of a specific date in the past, typically the date a property owner passed away. These are used for estate tax purposes, probate proceedings, and trust administration. The appraiser must use market data that was available as of the effective date, which requires additional research and documentation.

Yes. If you believe your county’s assessed value is higher than your property’s actual market value, an independent appraisal can provide the documentation you need to support an appeal. The appraisal establishes a credible, well-supported opinion of market value that you can present to the county assessor or review board. We have provided this service for both residential and commercial property owners in south-central Indiana.

When property valuation is disputed in a legal proceeding, a qualified appraiser may be retained as an expert witness to provide testimony about the value of the property. This can occur in divorce cases, estate disputes, condemnation proceedings, partnership dissolutions, and other litigation. Expert witness testimony requires not only appraisal expertise but also the ability to explain complex valuation concepts clearly to judges, attorneys, and juries. Rich Figg has experience serving in this role.

When a government agency or utility acquires land for a public project such as a road, highway, pipeline, or utility corridor, property owners are entitled to fair compensation. A right-of-way appraisal determines the value of the property being acquired and any damages to the remaining property. Figg Appraisal Group has experience with right-of-way and eminent domain appraisals, including work on the I-69 corridor in south-central Indiana.

Call us at 812-331-7700 or submit an inquiry through our Request an Appraisal page. We’ll follow up within one business day to discuss your property and your needs. There’s no commitment required to have that initial conversation.

Yes. While Bloomington and Monroe County are our primary market, we regularly serve clients throughout south-central Indiana including Owen, Brown, Morgan, Lawrence, and Greene counties, as well as surrounding counties. We also accept assignments elsewhere in Indiana when the project calls for our specific expertise. If you’re unsure whether your property falls within our service area, give us a call and we’ll let you know.

When you work with Figg Appraisal Group, you’re working directly with Rich Figg, not a rotating staff appraiser or a trainee. Rich has been in this market since 1984 and has appraised nearly every type of property in south-central Indiana. All of our business comes through referrals, which means our reputation depends on doing every assignment right. We don’t do volume work or automated valuations. We do careful, well-documented appraisals for clients who need them.

Rich Figg holds the SRA designation from the Appraisal Institute, is an Indiana Certified General Appraiser, and has held an Indiana Real Estate Broker’s License since 1984. He earned a Business Real Estate degree from Indiana University. He has been active in the south-central Indiana real estate market since 1984 and founded Figg Appraisal Group in 1985. Full credentials are listed on our Credentials page.

Yes. All client information, property details, and the contents of appraisal reports are kept strictly confidential. We do not discuss specific assignments, clients, or property values with third parties without explicit authorization. This is both a professional ethical requirement under USPAP and a standard we hold ourselves to in every engagement.