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The importance of property appraisal

By Steven Wright

Real Estate Agent with Home Real Estate

April 09, 2008 02:31 AM

Getting a specialist to do a property appraisal is the only way of ensuring that you won't have any surprises during the rainy season, when an apparently good roof will start leaking.

You will need to make sure that the property appraiser is licensed or certified by the state. Then, get a copy of their license, and check with the government agency that issued it, to make sure that it is still active and in good standing.

It would be a good idea to find an appraiser who has done previous work in the neighborhood your property is in. Such an appraiser will have a deep knowledge of the property values in the area. Also, they will most likely know how schools districts and fire departments, or shopping areas affect the market.

You can call or email me for further information concerning home appraisals and market conditions in the area.

Sincerely,
Steven Wright

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Kim Ray

BHGRE Metrobrokers - Blairsville, GA

Thanks for the information.

Apr 09, 2008 02:36 AM

Chuck Carstensen

RE/MAX Results - Elk River, MN

Minnesota/Wisconsin Real Estate Expert

Appraisals are tough now. You definately need someone who knows the neighborhood.

Michael A. Caruso

Surterre Properties - Laguna Niguel, CA

Hi Steven,

Since the appraisor has to be on the lender's approved list, we hope they send someone out that is knowledgeable in the area. Have a great week. Michael A. Caruso

Apr 09, 2008 02:39 AM

Royal Goodman

Royalty Home Solutions - Madera, CA

"We Treat You Like a King"

Steven. That was a good post. An Appraiser that knows what he is doing is the one to get. If you get one that doesn't, it can cost you in the long run. Thanks, Royal..

Apr 09, 2008 02:42 AM

Cameron Keegan

RE/MAX Moves - Greenville, SC

There is a drastic difference in appraisals done for the purposes of pre-sale, compared to those done for the purposes of the lender making sure the buyer isn't paying too much.

Back in the mid-90s, I worked for an appraisal management company, and one of my responsibilities was to dispute appraisals with the appraiser on behalf of the lender. On average, an appraiser was willing to adjust the value by around 5% if enough disputing evidence was provided, but I remember several cases in which the dispute resulted in an adjustment of about 12%.

When the lender orders the appraisal, don't forget that appraiser already has the answer, they just need to do the steps leading up to the answer, and their job is done.

One more thing not to forget, is the fact that the buyers control values, not the appraisers. If appraisers controlled the values in a given market, then I'm sure certain markets wouldn't have seen 80% gains from 2002-2007.

Apr 09, 2008 02:43 AM

The importance of property appraisal

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Steven Wright

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