Case Study: My Experience With Appraisals

Conducting Real Estate Appraisal the Right Way

Real estate appraisal is the process of estimating the value of a house or property before it is put in the market for selling or mortgaging. This valuation process is very critical in that it lets the interested parties know the true worthiness of a house or building.

This is very important to banks to help them know how much money to give to a certain borrower. The process of estimating the value of a certain property is done by an appraiser. The appraiser is very experienced not only in terms of education but also possesses knowledge in property valuation. The appraiser is also required by law to be fair and non-partisan when valuing a property. Most of these appraisers work for different companies including banks and real estate agents. There are also independent or self-employed appraisers.

The appraiser will usually valuate the property within a familiar area. The general knowledge of the neighborhood where the house is situated, will allow the appraiser to take note of the issues that might affect the true value of the property. Another responsibility of an appraiser is to counter check the property’s records with the public records to ascertain it is legally owned. They will also take pictures of the property both inside and outside.

Comparing the houses with others in the area is also done by the real estate appraiser to determine the property value. A full report on the findings is then written down and all the information regarding the property is collected and stored by the appraiser. The real estate appraiser will also include surrounding features that affect the value of the property like closeness to a mall, near a police station, near a highway and so on. The appraiser with then give an estimate of the property by using the information they have gathered.

The real estate appraisals are all very closely related. The different real estate appraisal are uniquely similar in that they are all trying to figure out the real market value of a certain house or property. The valuation process usually gears the appraiser to usually look for some key factors that determine the property value. The knowledge of these factors by the home owners will assist them in increasing the value of their homes or properties. Some of the major things the appraiser will take into consideration include the age of the property, the renovations or repairs made, the type of the house, the features of the house, the location of the house, the size of the house and the depreciation of the house.

There are two ways on which one can get a residential appraisal for free. Option one involves using a real estate agent to value the house. The other free appraisal procedure is by searching for property appraisal websites online. Using the website appraisal is easier because you only need to provide them with the house address and also some few features of the house and then you generate an estimate of the current value of the property.

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