What is in an Appraiser Inspection?
by: Locateappraisers
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A real estate appraiser inspection
is one of the first things that need to be done when you get ready to
buy a home. When you learn the value of the home and property, you can
establish a good price as well as the market value compared to the rest
of the neighborhood. If you’re new to the process, though, is that it
can be helpful to find out exactly what happens during an appraisal so
you know your role and what will happen on an appraisal day.
Getting An Appraiser
If you are a home buyer, you won’t be the one calling the appraiser and
getting them to come out to the property. The mortgage lender has this
responsibility. The mortgage company will get an appraiser to help
determine the value of a home so the lender can create the best
contract based on value. If you want to get your own independent
appraiser to check on the values, you can do so, though not very many
people do. Appraisers can be found both as stand-alone businesses and
through appraisal companies.
Length of the Appraisal
Considering its important to the home buying process, the appraiser inspection
doesn’t really take long, just about five or fifteen minutes, depending
on how large the home or property is. But the appraiser also does a lot
of work at their office. When they leave the home, the appraiser will
start working on a packet of information, which will include the values
of the other properties in the area. The appraiser will check to see
which homes in the area had been sold and for how much. This
information gets added to a report which usually takes four hours to
put together and is about 10 pages long. This is given to the lender.
The Difference With an Inspection
The real estate appraisal is only about the value of the home, based on
its square footage as measured from outside the home. The systems
inside the house aren’t inspected. Rooms can looked at to see how big
it is and what may or may not impact the value of the home. An
inspection is different, with a different appointment, that looks at
the safety of the property and the home instead of the value.
What’s the Consumer’s Role?
As a consumer, you don’t have to do much during the appraiser inspection,
unless you want to point out the appraiser parts of the home that may
not be otherwise apparent. Many of the physical changes should be
noticed by the appraiser, but you can point them out just to be sure
(especially if you are selling the home).
The entire appraisal process is easy and nothing to fear. Use it as a
time to find out the true value of a property and get going on the home
purchase road.
About the Author
This article is provided by LocateAppraisers.com
(http://www.locateappraisers.com), an appraisal directory site that
connects lenders and appraisers. Whether you're looking for a New Mexico real estate appraiser, a Florida real estate appraiser, or a Washington real estate appraiser, the great tools at LocateAppraisers.com include everything you'll need to find the best appraisal professional in your area.
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