Real estate appraisal, which is also known as land valuation or property valuation, is the process whereby the market value of real property is determined. Real estate appraisal is often required when selling, refinancing or buying a property. Real estate appraisal is carried out by a professional real estate appraiser, who values the property based on its neighboring homes and its surrounding area. An appraiser must give an accurate and fair assessment of the real estate, which is crucial to a successful real estate transaction. However, before engaging the service of an appraiser, you must carefully interview and screen the appraiser by checking credentials and asking pertinent questions. following steps will help you to achieve an excellent real estate appraisal of your property:
- Contact only appraisers who have experience in appraising your type of property Carefully check their specific service area. For instance, if your property is a single-family home, don’t contact appraisers that specialize in condos. It is not advisable to hire appraisers from another county for your real estate appraisal, as local real estate appraisers have more firsthand knowledge of your area. More so, carrying out a local real estate appraisal is very important when determining the value of your property for a property tax appeal. Local appraisers are familiar with and understand the standing methodologies, environmental factors, and variables that can influence property values within your county.
- Always seek recommendations Real estate agents are always familiar with appraisers as real estate appraisal is usually part of the sale process. Hence, ask real estate agents to suggest professional, reputable, and reliable appraisers to you. Remember, local appraisers, are well-known and would have built reputations among real estate agents in your county.
- Choose Campbell Auctioneers & Appraisers We have decades of experience and we are capable to handle not only your estate sale and appraisal but your real estate appraisal as well.
- Consider years of experience Becoming a professional real estate appraiser is not at all easy. Becoming a competent appraiser takes at least 5 years of consistent working under a good mentor, and with various properties, coupled with good education. Hence it would take a minimum of 10 years or more to be a very good appraiser. If you consider this, you would be able to judge if you are talking to the right candidate.
- Consider the fee charged Finally hiring a local appraisal for your real estate appraisal is typically cheaper. This step should be the last step after you have considered and discussed with a number of several different appraisers. When you have gotten 2 or more professional appraisers who seem capable of giving you a good real estate appraisal for your property, consider their fees to see which is more affordable.