Realty Lebanon provides professional appraisals and evaluation of your property in Lebanon.
Our Sworn Experts provide detailed reports and professional appraisal services for your property and the appraisals are accredited and can be used in any court of law.
For years, mortgage lenders and consumers have called upon Realty Lebanon to provide professional property appraisals and high-quality value estimates on a wide variety of residential and commercial real estate in the Lebanese market.
Realty Lebanon has a team of 13 sworn experts that are highly experienced and available to provide our clients with appraisals and evaluations of your property in Lebanon for any purpose, including any dispute in any international court regarding inheritance, divorce, or any dispute regarding any property in Lebanon. Realty Lebanon will help you as an independent expert where our appraisal reports are accepted in any court of law in any country.
Property Dispute Resolution
Amongst Realty Lebanon’s team, we have professional real estate arbiters to settle disputes in any country relating to Lebanese properties.
By continuously analyzing local real estate trends and refreshing our knowledge regarding valuation techniques through accredited courses, we’ve been consistently able to produce reliable home valuations for our clients.
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property, usually market value.
The main factors are taken into account when evaluating a building such as location, surrounding, zoning, building materials used, building regulations, finishing, condition and state of the building, age of the building amongst other factors.
Real estate transactions often require appraisals because every property is unique, especially their location which is a key factor in valuation.
Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on.
Sometimes an appraisal report is used to establish a sale price for a property. Most, but not all, countries require appraisers to be Licensed or Certified.
Appraisers are often known as “property valuers” or “land valuers”; in Lebanon, they are “sworn experts”.
Sworn Experts have to be certified and accredited, and are officially appointed as independent experts and commissioned as court consultants, with unbiased opinion that can be relied upon by third parties.
Sales Comparison Approach
Appraisers use various methods to value a property, the most common for residential property appraisals is the sales comparison approach.
The sales comparison approach is based primarily on the principle of substitution. This approach assumes a prudent (or rational) individual will pay no more for a property than it would cost to purchase a comparable substitute property.
The approach recognizes that a typical buyer will compare asking prices and seek to purchase the property that meets his or her wants and needs for the lowest cost. In developing the sales comparison approach, the appraiser attempts to interpret and measure the actions of parties involved in the marketplace, including buyers, sellers, and investors.
If the appraiser’s opinion is based on market value, then it must also be based on the current and best use of the real property.
Data collection methods and valuation process
Data is collected on recent sales of properties similar to the subject being valued, called “comparables”.
Only SOLD properties may be used in an appraisal and determination of a property’s value, as they represent amounts actually paid or agreed upon for properties. Sources of comparable data include real estate publications, public records, buyers, sellers, real estate brokers and/or agents, appraisers, and so on. Since comparable sales are not identical to the subject property, adjustments may be made for date of sale, location, style, amenities, square footage, site size, etc.
The main idea is to simulate the price that would have been paid if each comparable sale were identical to the subject property. If the comparable is superior to the subject in a factor or aspect, then a downward adjustment is needed for that factor. Likewise, if the comparable is inferior to the subject in an aspect, then an upward adjustment for that aspect is needed. The adjustment is somewhat subjective and relies on the appraiser’s training and experience. From the analysis of the group of adjusted sales prices of the comparable sales, the appraiser selects an indicator of value that is representative of the subject property. It is possible for various appraisers to choose different indicator of value which ultimately will provide different property value.
Steps taken by the appraiser in the sales comparison approach:
1- Inspect the property to find out the condition of the property, its age and general state (if it is a building), availability of water and electricity if it is a land, easy access (for land), location, and various other factors that will impact the valuation
2- Research the market to obtain information pertaining to sales, and pending sales that are similar to the subject property
3- Investigate the market data to determine whether they are factually correct and accurate
4- Determine relevant units of comparison (e.g., sales price per square meter), and develop a comparative analysis for each
5- Compare the subject and comparable sales according to the elements of comparison and adjust as appropriate
6- Reconcile the multiple value indications that result from the adjustment (upward or downward) of the comparable sales into a single value indication