Why Get a Real Estate Appraisal

Here’s a video from CNN on the importance of a real estate appraisal and things to look for in a certified appraiser. There’s also footage of an appraiser hard at work.

http://www.youtube.com/watch?v=pmJVpYCC9ME

Video summary:

• Buying a home can be the single biggest purchase of a person’s life.

• Appraisers are under frequent pressure to appraise a property at a higher value than the property might be worth.

• Smart consumers will get independent appraisals.

• The minimum qualification of an appraiser is that they are licensed. Beyond that, they should have trade designations, be associated with professional appraisal organizations, and be local, or at least familiar with the region.

• Once you hire an appraiser, watch them work to check their thoroughness.

• It’s important to know a home’s value if you’re looking to negotiate property taxes or take out a home equity loan.

• Appraisers use the sales comparison approach, physical characteristics, and neighborhood trends as criteria for property value.

• It’s vitally important to verify an appraiser’s credentials.

By: Present Value

Tags: CNN, video
Posted in Real Estate Appraisal | 4 Comments »