FAIR. HONEST. ACCURATE.

Order an appraisal

To order an appraisal or to ask a question about our services, simply email us at orders@wyoappr.com. In order to complete your appraisal, we will need to know the address of the property, the owner's name, and what date you are requesting to have the final report. We will respond to your inquiry within 24 hours, but the scheduling of the appraisal depends on availability.

Each year, we complete as many as 650 appraisals in Wyoming. Our certified appraisers look forward to working with you.

Why get an appraisal?

As defined in USPAP (Uniform Standards of Professional Appraisal Practice), an appraisal is the act or process of developing an opinion of value. The valuation process is a systematic procedure the appraiser follows to answer a client's question about real property value. The most common type of appraisal assignment is the development of an opinion of market value.

Real estate, whether it be a residential property or a commercial property, is likely the most important (and probably most expensive) purchase an individual or company will make. Buyers want to be sure they are paying fair market value for the property they are interested in purchasing.

An appraiser plays an important role because they provide an unbiased and objective opinion of market value for the real estate property. An appraisal by a qualified, state-licened or state-certified (depending on the state) appraiser can assist a buyer in making an informed decision.

Banks and mortgage companies require an appraisal to protect their own interests and ensure that they are not lending more money than the property is worth. They also require an appraisal when borrowers are looking to refinance their home or need a home equity loan.

Consumers typically associate appraisals with a real estate purchase; however, appraisals are beneficial to both individuals and companies in other situations including:

• Appealing taxes
• Determining elimination of PMI (Private Mortgage Insurance)
• Determining value in divorce settlements
• Estimating gift and inheritance tax
• Liquidating an estate equitably
• Estimating property damage (i.e. flood, fire, tornado, etc.)
• Determining asking price when selling a home
• Determining whether remodeling or making home improvements is profitable
• Setting rent schedules
• Determining market value for employee relocation purposes

How is an appraisal developed?

After an appraiser has accepted an assignment order, they set up an inspection with the borrower (sometimes a realtor for purchases). The inspection involves measuring and sketching the exterior of the dwelling in order to obtain the square footage, taking interior and exterior photos of all improvements, updates, deferred maintenance, etc., and note taking of materials used, finishes, floor coverings, overall condition, etc. The inspection is simply gathering information about the subject that is being appraised.

The appraiser uses the information gathered about the subject to pull comparable sales. Lenders typically have specific instructions for the appraiser to follow such as comparable sales must have sold within one year of effective date of appraisal, comparable sales must be located within one mile of the subject, comparable sales must bracket the square footage on the high and low ends, etc.

Once the appraiser has chosen their comparables (typically 3 closed sales and 2-3 active or pending comparables), they enter the data into a form and make positive or negative monetary adjustments for the differences between the subject and comparable sales. Through crucial market data analysis, linear regression analysis and other methods, the appraiser arrives at an opinion of market value for the subject being appraised.

How does one become an appraiser?

In the state of Wyoming, there is no licensure, only certification to become an appraiser. For those who intend to become a certified residential or a certified general real estate appraiser must first be certified by the commission director as a certified real estate appraiser trainee after the completion of Basic Appraisal Principles and Basic Appraisal Procedures courses. No hours will accrue toward the 2,500 hours of experience until the individual has completed the courses and then been certified as a trainee.

The tricky part is finding an already certified appraiser who will take you on as a trainee. It is a huge sacrifice for certified appraisers to take on a trainee as it takes a tremendous amount of time and money from the working certified appraiser. Since the appraisal business is based off fee pay, it is difficult for a certified appraiser to justify taking on a trainee. Because of this, there are very few individuals entering the appraisal field which means there will be a shortage of appraisers as more start to retire.

The basic requirements to become an appraiser are you must be 18 years of age or older, you must submit a completed application to the Wyoming Real Estate Commission and you must show proof of lawful presence in the United States. The training requirements to become certified are a minimum of 2,500 hours of experience in no fewer than 24 months (2 years) and no more than 60 months (5 years). The education requirements are you must hold a bachelor's degree or higher and you must complete 200 hours of qualifying education courses. After the training and education requirements are satisfied, you must pass the state required proctored exam.

Once certified, the appraiser must renew their certification every two years. A minimum of 30 hours of continuing education are required in order to renew a certification and must include the successful completion of 1 AQB-approved 7 hour National USPAP update course.

Visit realestate.wyo.gov for more information about becoming a Real Estate Appraiser in the state of Wyoming.