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Real Estate Appraiser:
How to hire smart

Real Estate Appraiser: Real estate dealing has many facets and involves a number of procedures. One of the very important elements involved in real estate trading is the appraisal of the property.  For clearly understanding the nitty- gritties of this process let us take on the subject of real estate apprising in a question answer format. This way we can approach the subject from a lay mans perspective.
Frequently asked questions about Real Estate appraisal.

  • What is Real Estate Apprising? Why is it needed?

Ans : Real Estate Apprising is the  process of evaluation of property,  [This includes, land,  constructed dwelling and its features, etc.], in order to establish an estimate of its market value. Real estate apprising is needed because all the properties are different and diverse factors [location, size of the area, quality and age of construction, etc.] act as determinants for the market value of the particular property.

  • Who conducts the residential real estate apprising?      

Ans:  The real estate appraiser (residential or commercial) is a person or a company who have been licensed by the state to examine and evaluate the property. The assessment of the appraiser is governed by certain basic standards established by the “Appraisal Foundation”. These are published in the “Uniform standard of professional appraisal practice”. The real estate appraiser assesses the property, prepares a written description report and evaluates its market value.  

  • When should you hire a real estate appraiser?  

Ans:  Apart from the obvious time of buying or selling a property one must hire the services of a professional real estate appraiser for the following reason s

  • While buying insurance for the property.  
  • While settling an insurance claim for a certain property.  
  • While applying for a finance and whish to use the property as collateral.
  • When the estate is to be settled, and disperse between the legal heirs.
  • When it is required to establish a market value for the division of assets in the case of a divorce.
  • If the market value of the property has risen enough, then it is possible that the percentage of equity of the owner has also increased to an extent, that he can reduce or get rid of the lenders requirement top pay for the mortgage.
  • If the market value of property has decreased from the time of last evaluation, one can get a reduction in the property tax.  
  • How do I choose a good residential real estate appraiser?

Ans :  following tips should be considered in hiring a residential real estate appraiser:

  • The appraiser must be licensed and should have considerable knowledge about the area of your interest and prior experience in complex assessments including those of some atypical properties.
  • You should check if the house appraiser company has the access to the best possible data sources. There have been instances of some appraisers compromising on this element in order to save cost, which adversely affects the appraisal report.
  • One should check the professionalism of the company by the competitive rates and the turnaround time of making a report.
  • How much should I pay for a professional residential appraisal?    

Ans :  The rates for a residential real estate appraisal can vary greatly,  depending upon the size of the property, complexity of report and turnaround time. However, the average fees for standard residential real estate appraisal are in between $ 250 to $ 350.  Rates for the appraisal reports for larger residential complexes can easily vary in between $ 500 to $ 1000. The general turnaround time for a standard residence is about two days, whereas for certain cases like industrial properties or large buildings it can be between 1 to 4 weeks.  
An excellent residential real estate appraiser would always be honest and will provide you a quality appraisal report with the best market price evaluation for your property.


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