Why is a Property Appraiser Important to Home Buying Process?
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by: locateappraiser
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The real estate appraisal is one of the key steps in the process of
getting into a new home. By getting a true value of a home and a
property, the appraisal will be able to come up with a fair price along
with market value that puts the home in the context of the
neighborhood. If you are new to the process, it can be help you to find
out how the appraisal works, so you know your role and how the
appraisal works as part of the home-buying experience.
Who Hires the Appraiser and From Where?
A home buyer is not responsible for calling the home appraiser and
getting them to come out and appraise the home. That responsibility
rests with the lending institution that is giving out the mortgage. The
appraiser will come out to determine the actual value of the home,
which will become the basis of the lending contract. You have the
option of calling an independent appraiser to make sure the values are
correct, but not many buyers do this. Appraisers can be found both
through appraisal companies and independent self-employed businesses.
Length of the Appraisal
Considering its important to the home buying process, the appraiser’s inspection
doesn’t really take long, just about five or fifteen minutes, depending
on how large the home or property is. But the appraiser also does a lot
of work at their office. When they leave the home, the appraiser will
start working on a packet of information, which will include the values
of the other properties in the area. The appraiser will check to see
which homes in the area had been sold and for how much. This
information gets added to a report which usually takes four hours to
put together and is about 10 pages long. This is given to the lender.
The Difference with an Inspection
The real estate appraisal is only about the value of the home, based on
its square footage as measured from outside the home. The systems
inside the house aren’t inspected. Rooms can looked at to see how big
it is and what may or may not impact the value of the home. An
inspection is different, with a different appointment, that looks at
the safety of the property and the home instead of the value.
What’s the Consumer’s Role?
As a consumer, you don’t have to do much about the appraisal of the
home, unless you want to point out the appraiser parts of the home that
may not be otherwise apparent. Many of the physical changes should be
noticed by the appraiser, but you can point them out just to be sure
(especially if you are selling the home).
The entire appraisal process is easy and nothing to fear. Use it as a
time to find out the true value of a property and get going on the home
purchase road.
About the Author
This article is provided by LocateAppraisers.com
(http://www.locateappraisers.com), an appraisal directory site that
connects lenders and appraisers. Whether you're looking for a New Mexico real estate appraiser, a Florida real estate appraiser, or a Washington real estate appraiser, the great tools at LocateAppraisers.com include everything you'll need to find the best appraisal professional in your area.
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