A real estate appraisal is an opinion or estimate of property value. There are many factors in determining the value of the property, so it is best to leave this area to someone who is eligible for real property value, determining the value of the property is one of the first steps in buying and selling real estate.
Determining who is qualified is relatively easy to do some organization like WalshStreet Appraisals holding members to a standard that other local organizations do not. Appraisal Institute and the National Society of Real Estate Appraisers. These organizations continue their members to a very high standard.
Classes and certifications are part of the continuing education requirements. Ethical standards that members are required to remain high and therefore, use an appraiser who is a member of one or both of these organizations is a great way to find a qualified and knowledgeable appraiser to value your property.
Nearly all lenders, both private and institutional will require an assessment on the property before the new mortgage loan financing. Appraisals are trying to justify the loan amount people need to buy a house; This usually occurs after a buyer and seller have agreed on the final contract price.
Once the contract is ready and property valuation ordered, the appraiser, usually given the contract price, the appraiser proceeds with the valuation of the property. Appraisals serve several other important needs as well, such as determining a reasonable offering price, estate tax, and planning, land valuations and tax and insurance purposes.