Choosing a Real Estate Appraiser

If you are thinking about purchasing a property; either for investment or personal use, it is vital that you choose a reputable real estate appraiser. In fact, any credible lender will require that you have your property appraised. Often times they will have a list of appraisers they work with you can choose from. But that doesn’t mean you can’t find one on your own. One of the main reasons lenders include an appraisal is that they want to make sure the property you are buying is really worth what the owner says it is.

In the best case scenarios the appraisal is returned indicating that the fair market value of the home meets or exceeds the sales price. The problem comes in when the appraisal indicates that the fair market value of the home is less than the sales price. In the latter case, the prospective buyer would either need to drop the deal or renegotiate the sales price with the seller.

As you can see, it is critically important that you find a reputable and competent real estate appraiser. That one appraisal can easily make or break a deal. Even if you are not financing the purchase through a lending institution it is still worth the effort to insure that the property you are investing in is really worth the amount of the purchase. If you should hire a less than competent real estate appraiser you find out the hard way later on that the property you purchased was not really worth the amount that you paid.

Real estate appraisers perform an evaluation of a property and then provide a written evaluation after consulting standardized checklists and comparing the property in question to county land value sources and sales information on nearby similar properties; this is what they call a comp check. The estimation of replacement costs is also taken into consideration. Finally, real estate appraisers must be able to verify legal land descriptions. As you can see, there is quite a bit of work involved in performing a competent real estate appraisal and it is important that each step be performed accurately.

When it comes time for you to hire a real estate appraiser, ensure they are someone who has been formally trained and who possess a license with the state real estate commission to perform such appraisals. Also look for someone who possesses adequate experience in performing real estate appraisals and who is knowledgeable about the local real estate market.

Like real estate agents, appraisers commonly specialize in certain types of real estate. Some specialize in commercial properties while others work only in residential properties. Some appraisers even specialize in only high end or luxury properties. Many consumers find it beneficial to select a real estate appraiser who specializes in the specific type of property they wish to have appraised. At Mahler & Associates Appraisal Services, we have the experience you need to ensure you get the price you deserve for your property. Look for us at www.iappraiseforyou.com you can contact us at adam@iappraiseforyou.com

 

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3 Responses to “Choosing a Real Estate Appraiser”

  1. Sharyn Says:

    I thought real estate appraisers were just needed when you were selling a house. Hope I didn’t blow it by buying one without having an appraiser check it out first.

  2. Adam Says:

    Unfortunatly, many people out there are in the same boat. Hope the information you find here and on my website at http://www.iappraiseforyou.com helps.

  3. Mahler & Associates Appraisal Services | Mahler and Associates Says:

    […] a mortgage. Because of this, we provide quick turn around time, which means you’ll have your real estate appriasal two to three days after we see your property. We are an FHA approved appraisal company and fully […]


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