* Choosing Your Real Estate Appraiser

If you have been thinking about purchasing a real estate property for personal use or as an investment, you’ll need to hire the services of a real estate appraiser. If you play to finance your home through a bank or other lender, you’ll more than likely need to get the property appraised first. Banks and most lenders want to know the value of the home for your protection, as well as make sure that the home they are financing is worth the total amount that you take on the loan.

In most cases, the appraisal indicates that the home does indeed meet or exceed the asking price. In some cases however, the appraisal will come back saying that the home is worth less than the selling price. If this is the case, the buyer normally has to either drop the deal, put a larger amount down or try to negotiate with the seller to get a price that meets the appraisal.

For those very reasons, a real estate appraiser is very important. When you are dealing with a home, one appraisal can make a deal or break it. Even though you may not be financing your purchase through a lender or the bank, you should still make an effort to get the home appraised and find out the true value. You should also make a point to find an appraiser experienced in the area where the house is located. If you hire an appraiser who isn’t that experienced with your area, they may have a more difficult time developing an accurate appraisal.

A real estate appraiser will go through the home performing an evaluation, and then provide you with a written evaluation after he has gathered all necessary information. Appraisers will also taken into consideration the replacement costs as well. There is a lot of work involved with appraisals, which is why it’s so very important that each step of the process is performed correctly by a qualified real estate appraiser.

If you have a real estate agent, he or she will more than likely be able to make a recommendation. Keep in mind that this doesn’t mean the recommendation is the best; it’s likely just someone who your agent has worked with in the past. To ensure that you get the right appraisal on your home you’ll need to find yourself an appraiser who is capable of completing the job.

When you look for your real estate appraiser, you should look for someone who comes highly recommended. You can ask family and friends for their opinions, search online, etc.. If you take your time and search for the best real estate appraiser that you can find – you’ll normally get an appraisal that is right on target.

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SJP
Northern Great Lakes Property Management
wemanage@nglpm.com

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