With the ever booming real estate sector, the jobs of Real Estate Appraisers are increased multifold with increase of demands and apposite appointments from the money lending agencies. The demand of real estate appraisal is quite vital for any money lending agency and banks as well as for financers. While many people try to escalate the property’s value in order to obtain base-less advantages, hiring an independent real estate appraisal agencies seems to be a fair option to assure the value of the property in the present market context before doing any financial transactions.
Who are Real Estate Appraisers?
Real Estate Appraiser is skilled and certified professional among a pool of such certified professionals, who are skilled enough to evaluate the prevailing market value of a property for using the same as a mortgage or sell it to a second party. They are usually appointed by a bank or financial institution offering money on credit or loan. These professionals must be certified by a statutory authority under the Federal Government and must have adequate field experience in doing appraisal jobs. Under US law, a Real Estate Appraiser must have obtained a trainee license, must have practical exposure under an appraisal mentor and must pass the examination certified by the jurisdiction awarding the credential of a Certified Residential Appraiser.
What things you need to keep in track in order to get the best appraisal done?
Once your property or project is submitted to the bank or any other finance/ lending organization, and once you are assigned a Real Estate Appraiser for your property estimation, you can check on the following few points in order to estimate the best deal;
1. Inquire if the appraiser is familiar with your area: This is an important factor which can help in estimating a realistic approximation of the value of the real estate. Most of the banks and other such institutions delegate an independent agency for property value evaluation. If the assessment professional or appraiser is not familiar with your area he/ she may not offer a realistic value to your property.
2. Stay with them during appraisal: You need to stay with your Real Estate Appraiser during the evaluation process. You also need to suggest them the value of the property as per the current market propositions and its future projections. You can help your appraiser to assess the value properly with your constructive inputs.
3. Check if you have the right kind of appraisal done: Depending upon the requirements and types of properties, appraisals can vary. You need to understand these basic types of appraisals, which are applicable to your commercial property, residential or refinanced property. Checking the same with the appraiser can not only offer you a better appraisal, but can also help you to get the deals done with best possible value of the real estate.
4. If you are not satisfied with the appraisal, ask the appraiser: There may be some times, when your appraised value of the property or home is far below your expectations level. A Real Estate Appraiser is licensed to do appraisal as per the statutory norms. If you don’t understand anything, ask them for an explanation.
5. Use of appraised statement/ appraisal reports: Always remember that your appraisal report is under the ownership of the agency who usually gets the appraisal done and the finding of the report is valid up to a maximum period of one year. If you need the reports of the appraisal for any purpose, take prior and written permission from the authority.
Understanding these small, but important aspects of the appraisal can offer you a better proposition. You can also have a valid and certified rating for your real estate with a sensible appraisal. This can also help you to get the best deal for sure.