House appraisal is expert opinion that estimates how much an investment property is worth in the real estate market, based on official criteria. Appraisal, for example, can keep you from from paying $400,000 for a property that is worth $100,000 less. As a seller, house appraisal can be financially advantageous if it demonstrates that the value of your house has grown over the time you were occupying it, or that the appraised value is more than the agreed price.
A house appraisal can give you bad news as well if it indicates that the property is actually cheaper than what you had hoped to sell it for, but the idea is to work around facts.
Real Estate Appraisers and the Appraisal Process
Appraisals are conducted by professional appraisers who possess crucial local area knowledge. Orangeburg's best real estate appraiser typically go through hardcore training and testing and need to have considerable experience in order to be effective in their job well. To maintain their certification, they are also required to take continuing courses to ensure that their industry knowledge is up to date.
However, keep in mind that appraisers, human as they are, are not perfect. Not all of them are also equally adept at what they do. Hence, if you are a real estate investor or seller, you need to consult more than one appraiser. And needless to say, do a bit of research on the appraisers’ backgrounds before working with them.
Contents of a House Appraisal Report
When working on single-family dwellings, appraisers often conduct their appraisals through a residential appraisal report. To ensure uniformity, the Fannie Mae Uniform Residential Appraisal Report is the standard form used by all appraisers when evaluating a property. The report is expected to include an assessment of the property (both interior and exterior); a street map of it and of comparable houses; and the analysis and conclusions of the appraiser based on what he has found. You can click here to learn more the benefits of hiring a house appraiser.
Methods of Hiring an Appraiser
There are two options when it comes to hiring an appraiser:
1. If you want to get a mortgage, the lender or appraiser will use a professional appraisal service to determine the amount you can be lent on the property. Take note that in this scenario, the lowest-priced appraiser would likely be hired, negatively impacting your appraisal. Thus, be willing to pay a little more to hire a qualified appraiser.
2. If you would like to know how much your house is worth before talking to anyone or even before making a final decision to sell it, you can also hire an appraiser yourself. Appraisals may also be required when properties are involved in estate settlements or lawsuits.