If you are planning to buy real estate, you want to know how much it costs so as not to overpay. Therefore, it is very important to get an accurate estimate of the value of the home. If you plan to sell, you need to set a price that will attract buyers, not drive them away. A real estate appraiser specializes in assessing the fair market value of a home. Not all evaluators have the same qualifications and experience, so it is important to choose one carefully.
Disrupting the job of the appraiser
The appraiser determines the value of a property based on many factors, including the size and design of the home, the general condition of the home, the size and layout of the property, and any health or safety hazards or code violations. The appraiser will also consider the characteristics of the surrounding community, such as schools and other public facilities, and the recent selling prices of comparable homes in the area.
Search and selection of an appraiser
Your real estate agent should recommend one or more experienced and reputable local appraisers. You can also find information about appraisers online or at your local chamber of commerce.
While all appraisers estimate the value of homes, many specialize in specific geographic regions or property types. Some appraisers work in multiple cities and counties. Look for someone with significant experience in your area. You also want to hire an appraiser who has experience in appraising real estate similar to the one you own or are considering buying, whether it be a single-family home, apartment, or townhouse.
Federal law requires most appraisers to pass government certification. Degree requirements can depend on whether the person is evaluating residential or commercial property. Talk to a few before hiring an appraiser. Ask about their training, certifications and licenses and check their credentials.
Ask the appraisers you are thinking of hiring what experience they have in this area. It takes several years of practical experience to become a qualified appraiser. Discuss local amenities, community specifics and issues that could affect the value of a home, as well as the latest trends in sales and home prices, to ensure that the appraiser you choose to hire has a good understanding of the area and the real estate market. Request recommendations from several recent clients.
Ask about the methodology the appraiser uses to calculate the value of the home. Many use databases containing information on recent home sales, and some also use information from the multiple listing service. Ask if the evaluator will personally conduct the assessment and write the report, or if it will be done by an intern or assistant.
Hiring an appraiser
The real estate appraiser plays a key role and the results of his work can have a significant financial impact on you. It is important to hire an appraiser with the appropriate training and experience for your needs. Seek advice from your real estate agent and interview several appraisers before making a choice.
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