When is a Real Estate Appraisal necessary? Generally an appraisal is necessary for lending purposes. The lending institution requires an accurate estimate of value to use in conjunction with the loan application to gain approval for the loan. What does a Real Estate Appraiser do? An appraiser of real estate estimates value of real property such as land and buildings, not personal possessions such as cars and jewelry. The actual process is previously described. Who hires an appraiser? Generally a lending institute will hire the appraiser, however, anyone requiring an estimate of value on their property can hire an appraiser. If I pay for the appraisal, does the appraiser work for me? This is a common misunderstanding. The appraiser works for whoever personally orders the appraisal, regardless of who actually pays for it. Since an appraiser is a professional; courtesy and respect is extended to the home owner and/or the banks customer. However, the appraiser is not at liberty to discuss any portion of an appraisal with anyone other than the person who ordered the appraisal unless otherwise instructed, regardless of who pays for the appraisal. How long does an inspection take? Some home owners are surprised and concerned at the short length of time an appraiser spends at their home. For a typical residence the inspection usually takes between ten and thirty minutes. The inspection can take longer on properties with unique features or if it is difficult to measure. Appraisers are not building or home inspectors and they look for different things in a home than a building or home inspector. Most appraisers are well versed in what they are looking for when they enter a home and thus complete the inspection fairly quickly. |
Designed and maintained by Tanya Thibodeau © 2001 For information or comments regarding this site, design and content, contact Tanya |
Real Estate Appraisers & Consultants |
This page was
last updated on:
December 9, 2002
Designed and maintained by Tanya Thibodeau © 2001 For information or comments regarding this site, design and content, contact Tanya |
FAQ's |
When is a Real Estate Appraisal necessary? Generally an appraisal is necessary for lending purposes. The lending institution requires an accurate estimate of value to use in conjunction with the loan application to gain approval for the loan. What does a Real Estate Appraiser do? An appraiser of real estate estimates value of real property such as land and buildings, not personal possessions such as cars and jewelry. The actual process is previously described. Who hires an appraiser? Generally a lending institute will hire the appraiser, however, anyone requiring an estimate of value on their property can hire an appraiser. If I pay for the appraisal, does the appraiser work for me? This is a common misunderstanding. The appraiser works for whoever personally orders the appraisal, regardless of who actually pays for it. Since an appraiser is a professional; courtesy and respect is extended to the home owner and/or the banks customer. However, the appraiser is not at liberty to discuss any portion of an appraisal with anyone other than the person who ordered the appraisal unless otherwise instructed, regardless of who pays for the appraisal. How long does an inspection take? Some home owners are surprised and concerned at the short length of time an appraiser spends at their home. For a typical residence the inspection usually takes between ten and thirty minutes. The inspection can take longer on properties with unique features or if it is difficult to measure. Appraisers are not building or home inspectors and they look for different things in a home than a building or home inspector. Most appraisers are well versed in what they are looking for when they enter a home and thus complete the inspection fairly quickly. |
