Tim Smulling

Vice President

Mr. Smulling has been an appraiser for over 25 years. He has experience in appraising commercial, agricultural, and residential properties. Tim has provided valuation services for litigation, mortgage transactions, and real estate tax questions.

Tim has an understanding of both the private and public sector. He has experience with the Nebraska Department of Revenue as well as with several county assessment offices. As an officer of Midwest Federal Savings and Loan, he was responsible for servicing the appraisal needs of southeast Nebraska. Mr. Smulling also has experience as a commercial appraiser with one of Nebraska’s leading commercial appraisal firms.

Tim joined Realcorp in 2006 and currently manages the Nebraska City office and serves as a vice president of the company. He also leads the Commercial Appraisal Division for Realcorp.

Tim Smulling holds the Certified General credential. As a Certified General appraiser, he is permitted to appraise all types of commercial and residential property.

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What is an appraisal?

A home purchase is the largest, single investment most people will ever make. Whether it’s a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties to pull it all off.

Most of the people involved are very familiar. The Realtor is the most common face of the transaction. The mortgage company provides the financial capital necessary to fund the transaction. The title company ensures that all aspects of the transaction are completed and that a clear title passes from the seller to the buyer.

So who makes sure the value of the property is in line with the amount being paid? There are too many people exposed in the real estate process to let such a transaction proceed without ensuring that the value of the property is commensurate with the amount being paid.

This is where the appraisal comes in. An appraisal is an unbiased estimate of what a buyer might expect to pay – or a seller receives – for a parcel of real estate, where both buyer and seller are informed parties. To be an informed party, most people turn to a licensed, certified, professional appraiser to provide them with the most accurate estimate of the true value of their property.

Although not required on every appraisal, the appraiser is usually asked to inspect the property.  They will observe such things as bedroom and bathroom locations and note the quality and condition of the property.  The inspection often includes a sketch of the property.

Once the property has been inspected, an appraiser uses up to three approaches to estimate the value of real property.