Which Appraisal Service Do You Actually Need? A Situation-by-Situation Guide

Most people assume “an appraiser” does one thing: values a house for a mortgage. In reality, that’s one service among several — and picking the wrong one, or not realizing a different one exists, wastes time and sometimes money. Here’s a plain-language guide to what’s actually available, organized by the situation you’re in rather than by service name.

“I’m buying, selling, or refinancing a property”

This is the core service most people think of: a Real Estate Appraisal. It covers every property type, from a vacant residential lot to a 30,000-square-foot commercial building in a remote fly-in community. If a lender, a buyer, or a seller needs a defensible opinion of current market value on real property, this is the product.

One nuance worth knowing up front: if the property is a short-term rental — anything rented for stays under 30 days — it’s functioning as hospitality use, not residential, which changes which type of appraiser and which approach the assignment actually needs. Worth flagging when you request a quote.

“I need to know what market rent should be, or whether a project makes sense”

This is a Market Study, not an appraisal in the traditional sense. It covers market rent checks for lease negotiations, feasibility studies for proposed developments, and rental trend analysis for owners or businesses trying to understand a market before committing to it. Useful for landlords setting rent, tenants negotiating a renewal, or developers deciding whether a project pencils out — all built on real Alaska data rather than assumptions borrowed from a Lower 48 market.

“I already have an appraisal, and something about it doesn’t sit right”

This calls for an Appraisal Review — an independent, second-opinion evaluation of an existing report’s accuracy, completeness, and USPAP compliance. Lenders order desk reviews routinely; attorneys order field reviews and litigation rebuttals when a number is being challenged. This is a genuinely specialized skill on its own, separate from producing an original appraisal, and not every appraiser does review work.

“I’m in a dispute, heading to court, or just need an expert opinion”

This is Consulting & Expert Witness Services — paid time-based guidance rather than a formal appraisal report. It covers everything from a quick conversation about market conditions, to a second opinion on someone else’s numbers, to formal expert testimony in litigation. If what you actually need is an informed answer rather than a full written report, this is usually the more efficient and appropriate route.

“I’m settling an estate or administering a trust”

This typically still falls under a standard Real Estate Appraisal — but the date of value matters enormously here, and it’s worth understanding before you order anything. A trust liquidation or beneficiary buyout usually needs a current market value appraisal; the IRS and stepped-up basis calculations require a retrospective date-of-death appraisal instead. Ordering the wrong one is one of the most common and costly mistakes families make in this situation — worth a read if you haven’t already seen our estate and trust appraisal guide on the blog.

“I’m buying, selling, or need to understand the value of a business”

Business Valuation is offered on a limited, select basis — appraisals for businesses, going concerns, and blue-sky assets across Alaska. Because business valuation and real property appraisal are different disciplines with different methodologies (going concern determinations, capitalization rates built on business-specific risk), this isn’t something every real estate appraiser is equipped to do well, regardless of how routine it looks on paper.

“I have an aircraft that needs a valuation”

Aircraft Appraisals cover fixed-wing aircraft, Part 135 charter operations, and general aviation assets — a specialized niche that combines real property appraisal discipline with aviation-specific market knowledge, which matters a great deal in a state where general aviation is as much a part of daily transportation as it is recreation.

Not sure which one fits your situation?

That’s normal — most people aren’t supposed to already know the difference between a market study and an appraisal review. The fastest way to sort it out is a quick conversation: describe the situation, and we’ll point you to the right product, the right scope, and a realistic timeline before any commitment is made.