Questions And Answers Of Real Estate Appraisals Part II

In the first installment of this series, we covered many of the basics. Since then, we listened to our clients and made a list of other frequently asked questions for appraisers.

We hope this helps clear up any confusion regarding the real estate appraisal process because ultimately, we are all working together to get you top dollar for your home.

Q: What are an appraisers’ qualifications?

A: Most U.S. states require all real estate appraisers to be state licensed or state certified. They also must have completed educational and experience requirements as directed by the state’s industry standards they represent. This usually represents the appraiser working as a trainee appraiser under a certified appraiser for a minimum of two years and passing a written exam before he/she can get their own certification. Each state has requirement systems that may differ slightly. There is, however, a Uniform Standards of Professional Appraisal Practice that regulates decisions and an appraisal board from where information is obtained.

Q: How long does an appraisal take?

A: The inspection of the real estate property can take from anywhere from twenty minutes to a few hours. It all depends on the size of the property and the challenges involved. After the inspection, an appraiser generally begins to gather outside information about the property, such as location, similar homes for sale, and property tax information. The appraiser draws up a report of the total findings. For residential properties this usually takes one week from the time the appraisal is ordered.

Q: What improvements add the most value to a home?

A: This is a great question for your local appraiser. Local appraisers are very familiar with your particular housing market and can help determine what improvements are doing well within your community. If you are looking at your home as an investment, schedule an appraisal so that you can determine the rates other homes are selling for and why. Generally speaking, upgrades to kitchens yeld the most return followed by bathrooms.

Q: What other services could be provided by an appraiser?

A: A professional real estate appraiser can provide many services depending upon their specialty, education and individual qualifications. An appraiser may be able to provide: appraisals; counseling; expert witness testimony; evaluations; market analysis; market trend studies; tax assessment appeal and review; consulting; and advice or zoning suggestions.

Q: What are my rights during the appraisal?

A: The lender must provide you with a copy of the appraisal report if you submit a written request under the Under the Equal Credit Opportunity Act. When ordering an appraisal for your own personal use you have the right to keep that appraisal private. The appraiser will not share it with anyone else. The city will not find out about an appraisal that is done for you; Unless you want them to because you are appealing your property taxes.

Q: What documents should I provide my appraiser with?

A: If you have them, the following documents can be useful to the appraiser: A list of any improvements and their costs; a copy of the survey for a home or a copy of the floor plan for a condominium; if you know of a similar home that just closed or is about to close, as well as any other information you feel may be pertinent.

Categorised in: Appraisal Tutorials & Info

This post was written by Joseph Castaneda