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Choosing a Reputable Real Estate Appraiser
When you are considering purchasing a property; either for investment or personal use you will need to hire a real estate appraiser. If you are financing the purchase through your credit union or another financial institution will most likely be required to hire a real estate appraiser to perform an appraisal on the property. This is because your Credit Union wants to ensure that your dream home doesn't become a nightmare and that the purchase they are financing is really worth the amount loaned. In the best case scenarios the appraisal is returned indicating that the fair market value of the home meets or exceeds the sales price. The problem comes in when the appraisal indicates that the fair market value of the home is less than the sales price. In the latter case, the prospective buyer would either need to drop the deal or renegotiate the sales price with the seller. As you can see, it is critically important that you find a reputable and competent real estate appraiser. That one appraisal can easily make or break a deal. Even if you are not financing the purchase through a lending institution it is still worth the effort to insure that the property you are investing in is really worth the amount of the purchase. If you should hire a less than competent real estate appraiser you find out the hard way later on that the property you purchased was not really worth the amount that you paid. Real estate appraisers perform an evaluation of a property and then provide a written evaluation after consulting standardized checklists and comparing the property in question to county land value sources and sales information on nearby similar properties. The estimation of replacement costs is also taken into consideration. Finally, real estate appraisers must be able to verify legal land descriptions. As you can see, there is quite a bit of work involved in performing a competent real estate appraisal and it is important that each step be performed accurately. You real estate agent will most likely be able to suggest a real estate appraiser but this does not necessarily mean this is the right person for the job; it merely means this is the person they most often work with. To get the job done right you need to find a real estate appraiser who is able to perform a completely objective evaluation. Look for someone who has been formally trained and who possess a license with the state real estate commission to perform such appraisals. Also look for someone who possesses adequate experience in performing real estate appraisals and who is knowledgeable about the local real estate market. Some states require real estate appraisers to have experience as a real estate agent and to hold a current real estate license; even if your state is not one of these it may be a good idea to look for someone with these qualities anyway because they probably have their finger on the pulse of the local real estate market. Like real estate agents, appraisers commonly specialize in certain types of real estate. Some specialize in commercial properties while others work only in residential properties. Some appraisers even specialize in only high end or luxury properties. Many consumers find it beneficial to select a real estate appraiser who specializes in the specific type of property they wish to have appraised. Finally, don't forget to ask for references and/or recommendations from any real estate appraiser you consider. Nicole Soltau is the President and Founder of CreditUnionRate.com. The Leading Credit Union Directory.Search, Find, Join.http://CreditUnionRate.com
MORE RESOURCES: Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Erie County real estate transactions Buffalo News Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Worcester County real estate transfers, Sunday, May 19 Worcester Telegram Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Luxury Home Prices Can't Stop, Won't Stop Rising in These Cities Realtor.com News Portside Real Estate acquires Belgrade Lakes brokerage Kennebec Journal and Morning Sentinel Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Slow April real estate market among Pueblo's top business news Pueblo Chieftain Hawaii Real Estate Sales: March 11-15, 2024 Honolulu Star-Advertiser Luxury Homes Are Booming in These 10 Unexpected Cities in 2024 Norada Real Estate Investments REAL ESTATE | A look inside The Lofts at Cedar Lake on the campus of Cedar Community washingtoncountyinsider.com Wellesley resident Peter Covo joins Conn Kavanaugh as partner in firm's real estate practice The Swellesley Report Letter to editor: On recent misinformation regarding upcoming changes to the real estate industry Woodland Daily Democrat Top 10 Brooklyn Listings: A Flatlands Standalone Brownstoner Revised Mortgage Rate Predictions Signal HIGHER Rates in 2024 Norada Real Estate Investments Berks County real estate transactions for May 19 Reading Eagle REAL ESTATE | Check out Braund's Flooring & Remodeling LLC in West Bend, WI washingtoncountyinsider.com Increases in interest rates stress commercial real estate Richmond Times-Dispatch Private Advisor Group LLC Purchases 1425 Shares of Doubleline Commercial Real Estate ETF (NYSEARCA:DCMB) Defense World STAR resource center Department of Taxation and Finance Egypt boasts real estate portfolio valued at $200bn, ready for international export - Dailynewsegypt Daily News Egypt Amalgamated Bank Trims Stock Position in Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Defense World Celebrity Real Estate Realtor.com News Kenosha CubeSmart storage facility sold to new owner Kenosha News Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 The Properties High Interest Rates Can't Touch The Wall Street Journal Real estate transfers: May 17, 2024 RiverheadLOCAL $6 million home was Houston's top residential real estate sale of its week (PHOTOS) The Business Journals Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Stock Position Reduced by Victory Capital Management Inc. Defense World News anchor sells luxury Scottsdale home he built for $6M The Business Journals China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance 10 most expensive homes sold in Cuyahoga Falls, May 6-12 cleveland.com China's real estate market sees surge in weekend consultations and trading, boosted by accommodative policy Global Times Mid-May Greenwich Real Estate Market Report Greenwich Sentinel London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter What's real estate wellness? Fortune Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk Billionaire Frank McCourt raises his hand to buy TikTok Business Insider 10 most expensive homes sold in Portage County, May 6-12 cleveland.com Dodge County Real Estate Transfers Fremont Tribune Should I Buy a House Now or Wait Until 2025: Expert Forecast Norada Real Estate Investments Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Why Renting Still Makes More Sense Than Buying in Major US Cities Business Insider Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio Southern fast-food chain Cook Out buys Tampa real estate The Business Journals MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring Real Estate's Got Talent – Commercial Observer Commercial Observer |
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