Why You Should Hire A Local Real Estate Appraiser To Value Your Property
January 25, 2010 – 3:02 amMany people try to determine the values of their real estate by researching websites that value a home based on aggregate data collected through various means. While these online services can be quick and seem easy, computer generated reports can be grossly inaccurate. More often than not, computer data collected from outdated and often unreliable resources can cause issues when trying to determine a fair value of real estate in any specific market. These websites may be of some value in showing valuation trends, but can in no way replace the services of a local real estate appraiser.
Although they are more expensive, professional real estate appraisers are highly trained to accurately determine the value of various types of properties. Many complex variables must be accounted for that computerized reports can’t handle. Surrounding neighborhoods, economic development in the area, and the quality of the school system all can greatly affect a home’s value. Dilapidated neighborhoods that are currently undergoing gentrification probably won’t get a fair appraisal from a computer model, or from someone untrained or out of the area. Only a local appraiser will be familiar with rising or declining values and other trends in their area.
During a divorce or estate settlement, or to satisfy a lender’s requirements for a mortgage, hiring a professional real estate appraiser to correctly determine a home’s value can be critical. Selecting an experienced local appraiser that knows their market area and is well acquainted with the local trends can mean the difference between a spot-on appraisal and a skewed one. Appraisers from outside the area may inadvertently leave out some of the important factors that should be used to determine the home’s value, giving an inaccurate result.
As banks and other financial institutions are now dealing with untenable volumes of foreclosed homes, there is a growing trend among banks and other financial institutions to hire real estate brokers to complete BPOs (Broker Price Opinion), rather than pay appraisers for a home’s valuation. Although BPOs should be more accurate than computer generated reports in determining a property’s value, there is considerable controversy as to whether or not these real estate agents have adequate training to complete these reports effectively.
Uniform appraisal reports are more expensive than BPO services. Unfortunately, however, BPOs all too often leave out information that is crucial to determining an accurate value. Many lenders do not even require an in-depth inspection or interior inspection of a home, which begs the question: How can a realistic property valuation be arrived at without an on-site inspection?
To obtain state licensing or certification, appraisers must undergo a stringent course of training through an accredited educational facility. In addition, some states require appraisers to complete an apprenticeship with a more seasoned professional before they can operate independently. The best appraisers will consider every aspect of the property, including square footage, room count, types of rooms, condition of property, lot size, neighborhood trends and comparable properties in the area that recently sold, as well as similar properties that are currently on the market.
Appraisals take longer than a BPO provided by a real estate broker or online computer generated reports. But, the report from appraisers is in depth and lengthy. All variables used to arrive at the valuation are in black and white.
Searching for a qualified appraiser in your area is relatively easy. Neighborhood banks and lenders are a great referral source. Searching an online directory or your local yellow pages can be another viable source as well when looking for a professional appraiser.
In the San Francisco Bay and Central Valley areas, call on Market Appraisal Group for reliable, accurate real estate valuation services with quick turnaround times. Their state certified and licensed appraisers are experienced with valuing all types of properties for mortgage lending, estate planning, PMI removal, and divorce and settlement disputes. Powered by SEO 2.0 Services
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Tags: divorce appraisals, property valuations, Real Estate, Real Estate Appraiser