If you have been thinking about purchasing a real estate property for personal use or as an investment, you'll need to hire a real estate appraiser, because you will need to get the property you are interested in appraised. Banks and most lenders want to know the value of the home for your protection, as well as make sure that the home they are financing is worth the total amount that you take on the loan.
Real estate appraiser specialize in estimating the value of property whether it be land, buildings or natural resources like water, oil or minerals. Appraisals are made when a property is bought, sold, assessed, taxed, condemned, insured or mortgaged. Home inspections are almost always a requirement when you are considering purchasing a home and the demand for real estate appraisers is high. You can search the Internet and find hundreds of ads for home appraisers and it is a good place to start looking for a qualified appraiser who can get the job done right.
For the purposes of buying a home, a real estate appraiser will prepare a written description of the property and make an estimate of the value. Some use standardized checklists as they go over the property and the neighborhood where the property is located. It is also their responsibility to examine income records and operating costs of the property, as well as verify legal descriptions of the property with county records. They measure the property and compare it to any legal descriptions and draw diagrams, noting conditions and special features of the property. After they analyze all of their data, they prepare a written report with an outline of methods by which they arrived at a fair market value estimation.
In most cases, the appraisal indicates that the home does indeed meet or exceed the asking price. In some cases however, the appraisal will come back saying that the home is worth less than the selling price. If this is the case, the buyer normally has to either drop the deal or try to negotiate with the seller to get a price that meets that of the appraisal. An appraiser can make or break a deal even if you are not going through a bank or a lender to finance. If the property isn't worth the asking price, you obviously need to know this, and if you have a real estate agent, he or she will more than likely make a recommendation as to what you should do.
Find a real estate appraiser that comes higher recommended with much experience and testimonials to back them.
ABOUT THE AUTHOR:
Richard sells real estate in the San Gabriel Valley which is about 12 miles South of Los Angeles. For more information, visit his website at http://www.westsangabrielvalleyrealestate.com
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