When Do I Need An Appraiser?
Knowing when to employ the services of a real estate appraiser can be a challenge, but it doesn’t have to be complicated. In this article, we aim to explain precisely what it is we do as appraisers, and we hope to help you know when you may need the services of an appraisal specialist.
If you’ve ever watched Antiques Roadshow, Storage Wars, or Pawn Stars, you will almost certainly have seen someone acting as an appraiser. In the simplest of terms, an appraiser is someone who evaluates and establishes the market value of something. In those shows, they are often specialists in art, memorabilia, or other historical information, however, most often the something in question is real estate, which is exactly what we at Hart and Howard are here to help with.
What does an Appraiser do?
As appraisers, our goal is to provide an accurate and comprehensive evaluation of a property. At a minimum this includes a complete visual inspection of the interior and exterior areas of the property, an inspection of the surrounding neighborhood, and an overview of the comparable sales in the area, all of which contribute to a full understanding of the market value of a property.
What is market value? Direct from Fannie Mae, “[Market value is] The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.” To put it simply, it is what someone might consider a fair price for a property, given all the factors that can be put into numbers.
None of these factors are evaluated lightly, as appraisers must obtain and maintain a license to practice. This requires schooling, anywhere from 1,000 to 3,000 hours of training under a supervisor, and passing of the National Uniform Licensing & Certification Examination. Suffice to say, we take our responsibilities seriously.
When might I need an appraisal?
There are a litany of possible reasons for needing an appraisal:
You believe your property taxes are too high.
You're dividing assets during a divorce.
You're settling a loved one's estate.
You're buying out a family member or business partner.
You're involved in litigation.
You're planning your financial future.
You simply want to know what your property is worth.
These are only some of the reasons an appraisal might be warranted. Our goal is not to upsell you or waste your time, but to truly assist in providing an accurate picture of the value of your property. We want to work along side you in determining your needs and how we can best meet them.
If, through reading this article, you have found yourself in need of an appraisal, or if you think you may but aren’t certain, please Contact Us. We look forward to working with you!