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Know Few Things Before Hiring An Appraiser

Jul 22nd 2015 at 3:49 AM

If you are planning to buy or sell a real estate, you would surely need a process of appraisal in between all the other formalities. This process is important as well as not at all an easy job. It is done by professionals but now days there are many self-declared appraisers. One needs to be aware about such things. Only a proper formal and professional appraisal and consulting service should be given charge of such a crucial task where quite an amount is ready to get invested. One thing more which needs to be understood here is that there are differences in a real estate appraiser and a real estate agent. They are not the same. A real estate agent only sells real estate but he may not be necessarily professionally qualified to assess a property or give an appraisal report.

What is a real estate appraisal?

Real estate appraisal is a type of property valuation where an opinion is developed for the real value of the property. The opinion has to be according to professional appraisal standards in accordance with the law and administration of a certain place.

Who is an appraiser?

A qualified appraiser had a formal education and is a professional today. He should know all about appraisal theory, principles, procedures, ethics and law. The appraiser should be up to date on the latest appraisal standards and well trained in appraisal methodology. Appraisers have their specialization in different areas like a real estate appraiser would know the appraising methodology of real estate property. An appraiser should be state licensed and certified who has passed the required test and has completed the basic education and continuing the education.

When is appraisal required?

A professional appraisal is required in real estate when lending is involved or loan concerns are there. Else one can hire an appraiser personally if the seller or the buyer considers it necessary for their decision making. For small properties where much of risk is not involved even an assessment given by the agent is virtually accepted.

What do appraisers really do?

The basic work of an appraiser starts from inspecting the property. After that similar sales in the region are studied and an opinion is formed. It is a proper formal appraisal report.

The appraiser you hire should be familiar with the type of property you want to get appraised. There are different types of appraisals for Commercial & Residential properties. You can very conveniently ask for the license of an appraiser as well as his specializations.

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