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A Short Introduction into the World of Appraisers

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By : Cata Trif    99 or more times read
What is an appraiser?

A real estate appraiser is professional who specializes in providing property value estimations. Professional appraisers have taken courses and have been supervised during their training period. Certified appraisers must pass a test and have completed basic education and continuing education.

The appraisal process

Appraisal is the term used for the property value estimation made by a professional appraiser. The appraiser does this by analyzing market values, home values or any property values. Of course, an appraiser must be licensed to do so.

What does an appraiser do?

The most important job of an appraiser is to find out how much the property is worth. Furthermore, a licensed appraiser can help with real estate planning, property improvements or insurance valuations.

An appraiser values a home by analyzing market data and taking comparables data and current offers into account. Then he compares the property which is subject to appraisal to the broader market. The length of this process may vary depending on the scope of the appraisal. Ultimately, the purpose of real estate appraisal is to determine the fair market value for the property. Since a Walrasian auction environment canít exist in the real estate market, professional appraisers are needed to step in and give educated estimations based on several factors.

Where does an appraiser get information from?

An appraiser gets data from a wide variety of sources, including local multiple listing services, local real estate professionals, county courthouse records, private data vendors, interviews with owners and his own personal knowledge. The quality and reliability of each piece of information is weighed by the appraiser.

How long is an appraisal valid?

An appraisal is usually considered valid for up to six months although there is no pre-determined expiration date. There is a chance that different appraisers come up with different results during their valuation process. Finally, a thing that needs to be mentioned is the fact that appraisers can never share information about properties they have evaluated.

Appraiser organizations

There are appraisal organizations that help appraisers in their work. They don't offer their services in the form of paid memberships but some of them have really high barriers of entry and subsequently require proper commitment.

This is a very short glimpse into the world of appraisers and the nature of their work. Appraisals have a direct influence on the property tax that needs to be paid because the latter is calculated by factoring in the appraised value of the respective property.
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