Finding The Best Home Appraiser
When you come to think of it, finding a good appraiser can have a huge impact on your financial position. For most people owning a home or buying a home is their life’s biggest investment. In order for you to proceed in the mortgage process the lender or the bank will ask for an appraisal offer to evaluate the market worth of the residential real estate. Even though you will be paying appraiser fees and costs the bank is the customer and they get the report.
Appraisal Basic Guidelines
Before you find an appraiser, lets find out what an appraiser needs to do, and then it will be easier to understand how to find a good appraiser.
The appraiser will need to evaluate the residential real estate for its market value. For the mortgage appraiser to be able to do that, he will need to compare the residential real estate to three other homes, which have similar parameters (rooms, garage, size etc…), and the comparison need to be in the close local area, usually 1 mile away.
The appraiser may look at more public records and documentations to evaluate the real estate, tax info, county info, courts publications and more.
What Makes An Appraiser a Good One
State Licensed or Certified
As the customer you can request to know whether the appraiser visiting your place is state licensed or certified appraiser. This may sound similar to you but there are differences, especially when the whole appraisal evaluation is based on experience and knowledge to locate similar property deals and compare them.
A licensed appraiser means the person have a 6 month of experience, that he passed state exams. Certification requires an additional classroom hours, plus an additional experience.
Do Your Homework
Google search the appraiser name, search his resume, you need to be sure he has enough experience in the area you live in, and with residential real estate like yours.
Go to the local banks and mortgage lenders, ask them about appraisers. The banks work with so many appraisers they can recommend those who are honest and have fair reports without flaws. This tip goes to mortgage and loan brokers, they too, know and work daily with appraisers.
The best source for information for you to find a good appraiser, is asking the real estate brokers! They have local experience, and know which appraiser is new, and which has accurate reports. They are the ones who can even help you gather comparable information, to give the appraiser to help avoid a low appraisal.
Be Involved In The Appraisal Process
You will see the good appraiser walking around the house, taking pictures, checking attics and basements (FHA appraisal check safety parameters too). Walk with him (her) ask him questions, evaluate for your self how experienced he is.
If the lender has sent the appraiser, (even if the appraiser costs are later paid by you) than they are the clients and unless you request a copy, the appraiser will not provide one for you. Check the home appraisal report – You may be surprised that the appraiser missed crucial elements that can affect the report.
No Logic Appraisal Comparison
Unless there is something unique concerning your property, the appraisal report should be give or take $5000 higher or lower than the tax assessor. As the appraiser are evaluating with their eyes, experience and knowledge, there can be some span for personal evaluation errors. If the ‘span’ is $20’000 far than the tax assessor estimation, than this is worth a more thorough investigation.
Psychology Of A Good Appraiser
The good appraiser need to have some communication skills and personal ability to follow all the leads and pieces of information into one clear picture. Because no real estate deal is ever similar to another (the place, the buyer, the seller, the timing) a lot of information needs to be processed by the appraiser.
A good appraiser needs to be a very good interviewer, able to get people to talk, mingle around to collect all the information which can not be found in the books. You can expect a good appraiser to be curious and wants to find out the real story. When a home is sold for less or more than the comps value price, there is usually a story behind it.
To avoid a low appraisal, a good appraiser asks questions, everyone and all the time. As the appraiser is just visiting the neighborhood, he needs to be looking beyond the comps, to analyzes and consider a wider angle to what the figures tell.
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