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<br />OAK #4823-0464-7229 v3 58 <br />Overview of the Appraisal and Dwelling Acquisition Process for <br />Docktown Marina Residents <br /> <br />In cases where a Dwelling cannot be moved, the City will make an offer to acquire the <br />Dwelling based upon an appraisal. The appraisal process and team and the offer, <br />negotiation and acquisition process is described below. <br /> <br />Appraisal Process <br /> <br />Why is an appraisal needed? <br /> <br />Each independent appraisal will determine the current fair market value of a property, <br />information the City will use if it is determined that moving a vessel to a new location is <br />unfeasible. <br /> <br />How does the appraisal process start? <br /> <br />Please contact Jose Garcia at 510.924.3014 or by email at jgarcia@opcservices.com at <br />your earliest convenience. <br /> <br />What should you expect during the appraisal? <br /> <br />In order to prepare an accurate appraisal and provide a reasonable opinion of value, the <br />appraiser requires permission to board your property. S/he will inspect the exterior and <br />interior spaces. <br /> <br />How is a property’s value assessed? <br /> <br />Following an appraisal, a “fair market value” for a berthed property or the most probable <br />price at which the property will sell in its present state will be determined by the <br />appraiser. Fair market value for the berthed property consists of the structure itself <br />and does not take into account the location of the berthed property or any underlying <br />land or water value. <br /> <br />How is fair market value determined? <br /> <br />There are three main techniques that can be used in determining the fair market value <br />for berthed properties: <br />1. Cost to acquire. Includes research, closing costs and other necessary expenditures. <br />2. Sale value in marketplace. The property is compared to recently sold comparable <br />properties. <br />3. Expected future income. Determines the amount of income that a property can potentially <br />generate. <br />The following factors are also taken into consideration when determining a property’s <br />fair market value: