A real estate appraiser is a professional who undergoes specialized training in order to accurately determine the value of a property. In most cases, real estate appraisers work in specific areas so they have a deep understanding of the real estate market and the valuation of homes and land in a certain city or metropolitan area. A reputable real estate appraiser completes many educational courses and must also carry a valid license issued by their state of residence in order to be able to provide appraisal services. Some of the top reasons why you may need to hire a real estate appraiser include the following.
Securing a Mortgage Loan
One of the most common reasons that people hire a real estate appraiser is that they are purchasing a home and an appraisal is needed before a lender will issue a loan. A seller of a house can list their home for any amount that they want, but a lender will not issue a loan on a home if the appraisal is much lower than the sale price. This is because the house serves as collateral on the mortgage, and it doesn't make sense to offer a mortgage when the value of the house is much lower than the loan amount. If you already own a home and are thinking about refinancing, you will most likely need to order a real estate appraisal as well.
Resolution of Legal Issues
While most home appraisals relate to mortgages, they are also ordered when there are legal issues to be resolved. For example, if a married couple is divorcing and one person wants to keep the house, it is important to know the value of the home so their other assets can be divided in a way that is fair for both parties. Likewise, home appraisals are often needed when settling an estate so that the assets of the deceased can be distributed fairly to named heirs.
Make the Right Home Improvements
Making home improvements can add value to a home, but only if the right improvements are made. A lot of homeowners hire a real estate appraiser to appraise their home before investing a large amount of money in a home improvement project, such as renovating a kitchen or remodeling a bathroom. A real estate appraiser's report will include information about the current value of your home and how different improvements can increase value based on your area and comparable homes in the area.
To learn more, contact a real estate appraiser.
Share9 April 2020
It might not seem like it, but over the course of a lifetime, you can accumulate quite a lot of belongings. In fact, some of the objects might even be worth a lot of money, which is why it is important to have things appraised before you decide to sell anything. I began thinking about ways to unload some of my belongings a few years ago, and getting things appraised was a great first step. Check out this website to learn more about how the appraisal process works, how it can benefit you, and what you might need to do the next time you need to sell something.