What Exactly Are You Doing, Appraiser?

We’ve delved into quite a few topics with regard to real estate appraisal on this blog, so it’s remarkable we’ve never touched on one specific subject – what does a real estate appraiser actually do?

Now the obvious answer is that he or she appraises real estate. But what’s the process? What criteria do they use? Do they count mudrooms as part of the total living space? And what’s the pencil and sketch pad for?

Well, first things first. A real estate appraiser is given a specific property to appraise. The appraiser goes to the property and inspects the site. What condition is the exterior in? How much of a yard is in front and in back? How close is the property to the adjoining property? How far back from the curb is it? It goes without saying that the appraiser takes copious notes.

Once the initial exterior inspection is done, the appraiser takes pictures of the property from various angles. Then the interior inspection begins. Sometimes the appraisal is in an owner-occupied property, sometimes not. Sometimes the appraiser is followed from room to room by an anxious seller pointing out improvements they’ve made, and sometimes they’re pounced on by overexcited pets. An appraiser I know told me of an encounter he had with a ghost. You never know.

But hazards aside, the appraiser inspects each room carefully and makes a sketch of the property’s basic design. Some appraisers take a lot of measurements and add them to the sketch. They also inspect the attic and basement, if the property has either. And if necessary, they’ll take photos of the interior as well.

An inspection can be a quick process or can take several hours, depending on the size and attributes of the property. Once the appraisal is finished, the appraiser writes up a report about the inspection, comes up with a value, and submits it.

And that’s why that unfamiliar man or woman is walking around your house and taking notes about the wainscoting.

By: Present Value

Tags: appraiser

This entry was posted on Friday, June 19th, 2009 at 7:21 am and is filed under Real Estate Appraisal. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.