Tips for Selecting the Right Real Estate Appraiser
A real estate appraisal is an expert appraiser’s objective assessment of a specific property’s value based on its present state, as well as on prevailing prices of similar properties in the same location. You may require a licensed appraiser’s services if you are selling your house yourself or if you would like to know how much your home is worth for refinancing purposes.
Below are considerations to make prior to hiring a real estate appraiser:
Federal law requires most appraisers to have state certification. They need to have two basic licenses, namely, Certified Residential Real Property Appraiser and Certified General Real Property Appraiser. An associate degree may be required of residential appraisers; on the other hand, commercial appraisers may be required to have a bachelor’s degree.
Ask your prospective appraiser to give you a resume, along with a list of client references. The references must be current or past clients, and at least one must be from your local community.
Experience with homeowners is also crucial as loan officers often have unique requirements of individual homeowners. Loan officers will likely want an evaluation of the property’s condition and a rough market value that will go into the mortgage documents. Homeowners may want to know more about the appraisal process itself and even ask for tips on how to raise the valuation.
Furthermore, know the appraiser’s experience with the particular type of property that you own. For example, if this is a multi-unit investment property in a suburb, don’t hire an appraiser who usually works with condominiums in the city center.
You have to choose an appraiser who is knowledgeable about the local environment as it affects your transaction – for example, issues affecting the community, recent home sales and prices, local facilities, etc. The more they know about how it goes locally, the better their service will be.
Appraisers typically base valuations on in-house databases of the specific area’s newest sales and price trends. They may as well support this with information on the Multiple Listing Service, where on-sale properties are listed by agents.
One usually disregarded aspect of the process is the personal rapport shared by the client and the prospective appraiser. Besides the above, pay attention to the professional’s demeanor and the overall feel that you get when dealing with them. The logic is basic. Better results come from a working relationship where people are comfortable with each other.
When looking for a real estate appraiser,extend your perspective by reviewing not only one but at least two or three candidates. These professionals can have major differences among themselves,and you’ll want to ensure that you choose someone who’s the best fir for your needs and requirements.