What does an appraiser do? A real estate appraiser is a licensed professional who determines the value of a property by analyzing a variety of factors, including the property’s location, condition, size, and features.
A property appraiser also considers external factors like the real estate market and economic conditions, comparable sales, environmental factors, and average time on the market for nearby homes.
There are several reasons why someone might need a real estate appraiser:
- To obtain a mortgage: When purchasing a property or refinancing, an appraisal is often required by the lender before they will approve the loan. In a standard real estate transaction, the lender wants to know that the purchase is realistic based on the style and condition of the property, the location, and market conditions. An appraiser is used to provide an unbiased, expert opinion.
- To set a purchase price: When someone is buying a property, they may want to know whether the price they are paying is fair and reasonable. An appraiser can provide an estimate of the property’s value to help the buyer make an informed decision.
- To settle an estate: In the case of an inherited property, a divorce, or other legal proceedings, an appraisal will often be necessary to determine the property’s value.
- To settle a dispute, such as property taxes: Occasionally, the municipal assessment is higher than what a property owner expects. It is common to have an appraisal completed to settle the dispute.
- To determine the value of a property for sale: When someone is selling a property, they may want to know how much it is worth in the current market. An appraiser can provide an objective, unbiased opinion of the property’s value. In most cases, an appraiser is not involved in this step if the house is being sold as a standard real estate listing, but it’s not uncommon to have an appraisal done in advance to help justify an asking price.
To find out if you need an appraiser, please contact us for a free chat!