By John Marsden
Even though this seems obvious, a definition is a good place to start with such an important topic.
A real estate appraisal is a process to determine the value of a home or other property for pretty much one of three reasons:
- A potential borrower wants to borrow money against the value of a property.
- A person wants to buy or sell a house or other property.
- Someone is involved in a family situation (such as executing a will) and they need to determine a property value.
The person who actually makes the valuation of the property is an appraiser, state licensed and regulated, trained, and experienced in real estate in the area where the property is located.
There is a big difference in appraisers, based on their training, experience, and attention to detail. The opinion of value in an appraisal report is an estimated fair market value. In other words this is the price a normal buyer would expect to pay a normal seller for the home if it were for sale. The appraiser uses local market information to arrive at this opinion of value.
Real estate appraisals are conducted for commercial, residential, and industrial properties, including leased agricultural trust lands, but for most people, what they really need is a valuation for a home. they want to be able to buy one or sell one or borrow against one.
Real estate appraisals are used for buying and selling while an insurance value appraisal is for determining insurance coverage amounts. And while there is often a degree of mystery in how they are conducted, real estate appraisals are a necessary step in the property buying process. There is a lot of confusion out there regarding the truth about appraisals.
Real estate appraisals are the next best thing to having your own private real estate assistant and when you are looking for one, reputation is everything. Without using an appraiser with a great reputation, you always run the risk of having your property over or under valued. While this might seem like a great deal at the time, when it comes to your property and your finances, you really only want the truth.
A real estate appraisal gives you a professional view of how much someone will offer or ask for a property in your area. With true professional appraisers, you will not only learn about the valuation methods used in your appraisal, but also understand what that value means in the specific situation for which you need the valuation.
Reputable appraisers will share all the information they have obtained with you and will go out of their way to watch out for the best interests of all the parties involved in the transaction. Reputable appraisers will not take sides in any negotiations because the truth is their reputation rests upon yours and the real estate agents referrals. In my personal experience, a professional reputable appraiser is worth usually double or triple the fee they receive, making their service one of the best bargains in the real estate world.
And the best of the best will answer any question you have, honestly, truthfully and in language you can understand.
John Marsden is an internet real estate writer and investor who lives in the Palm Springs area. Whenever he needs the services of a Certified Real Estate Appraiser he always calls on Gregory Carver, the best of the best who has conducted many a Coachella Valley Appraisal and is ready to show you the same great service John has enjoyed. Article Source: http://EzineArticles.com/?expert=John_Marsden |
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