Does Your Real Estate Appraiser Know How Real Estate Really Works?

Apr 21, 2024 | Published by Leave your thoughts

It may seem preposterous that a home appraiser doesn’t know how the real estate market really works.

Yet, this is sometimes a reality. For example, we recently had an alarming conversation with Leslie and Mike W., a couple living in Tampa, Florida.

Leslie is a commercial appraiser and has been in the business for over 10 years. She keeps up-to-date with zoning information and often takes classes online to learn about new methods and matters in business property appraisals.

Leslie mentioned an encounter she had with another appraiser at a charity benefit dinner. After speaking to him extensively, she realized that he didn’t know how to read zoning restrictions or blueprints. She was stunned because this person claimed to be in the business for over a decade.

In order to have a fair assessment of a property, the appraiser must be able to understand contracts, zoning restrictions, leases, riders and all of the other varying paperwork that come with the sale of a home. This is why recommendations and the reputation of an appraisal company do matter.

Riders and leases may seem like complex documents, but to a trained expert they should be familiar. Real estate appraisal is a serious profession that deals with a major portion of the nation’s economy. It is the responsibility of the appraiser to keep up with the latest happenings in the business, the values of homes in the area they cover, and the overall market.

If an appraiser cannot read a simple real estate contract, then he or she is not qualified to help a homeowner.

Cheap appraisers are not like appraisers who put in the much-needed effort to do things like read the county zoning pages and know the varieties of county zoning.

As a very basic start, an appraiser should arrive at your home with most of the details on your property from public tax records records and MLS if the property was listed for sale within that past five years.

So, if you are looking for a home appraisal or a commercial appraisal, do your homework. Check the web for online appraisal reviews and don’t be afraid to ask questions. If your appraiser is an expert, he or she will have no problem answering all of them for you.

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This post was written by Joseph Castaneda

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