Hiring an appraiser may be optional in some scenarios, and a requirement in others.
- Appraisers provide an objective and unbiased opinion. A property appraiser is a licensed professional with extensive training in determining the value of a property. Appraisers are paid a flat fee in advance and don’t receive commission or any kind of payment based on sales or performance.
- Appraisers have expert knowledge and experience. While real estate agents certainly have their finger on the pulse of the real estate market and have some training with respect to pricing a property, they do not take the same approach and duty of care as an appraiser. Real estate appraisers have several years of education and apprenticeship prior to receiving their license. They are trained to consider many factors, including property style, condition, location, features, trends in the real estate market, and much more, and to provide a detailed, formal report on their findings.
- Appraisers provide a formal report on the valuation of your property. An appraisal report states the appraiser’s conclusions regarding the property’s value, along with details on the process they used to determine that value. This report will often be required for obtaining a mortgage or for other purposes.
- Your situation may require the use of an appraiser. Most lenders will need to see an appraisal report prior to the final approval of the loan. If the property is part of an estate or divorce settlement, the court will require an appraisal.
Overall, using a property appraiser can provide valuable information and peace of mind when making decisions about real estate.