How to Choose a Real Estate Appraiser
If you are buying, selling, or refinancing your home, you should consider working with a real estate appraiser. An accurate assessment is important for a successful property transaction. If you are buying or selling property for the first time, for instance, an appraisal ensures that you do not overpay for a property or sell yours at a loss. Understand that not all potential appraisers are suitable for everyone. This makes it important to choose a provider cautiously. Doing your homework regarding the traits of a reliable provider is important. Below are tips to help you find a reliable expert.
You should factor in education and training before selecting any provider. Do not assume that any appraiser who claims to be ‘good in what they do’ would offer outstanding services. You need an expert with the level of training required by the Appraisal Institute or any other reputable association. It pays to ensure that they have successfully completed their training and that they enroll for regular continuing education. Asking for proof of training is important to avoid falling prey to dishonest providers.
It is important not to ignore their level of expertise prior to making a decision. Since this profession is difficult, you should not assume that any provider with proper formal education would offer acceptable support. You ought to choose among providers that have been offering the services in question for a minimum of five years. Most importantly, they should have worked with a mentor for most of those years. Since some providers specialize, it is important to choose a professional that is an authority in the area you need help in. If you are buying or selling commercial property, a specialist in residential property appraisal might not be ideal for you. It pays to choose a provider that works in your locality.
Will they be handling the work themselves? It is important to know that some providers have a large client base. Most of the time, such providers keep clients on a waiting list. Others delegate some of the work to junior staff or outsource it. If you would like to sell your property fast, being placed on a waiting list would be inconveniencing. Delegation and outsourcing might mean disappointment later, especially if the provider entrusts the work to incompetent providers. To be on the safe side, look for a provider that would not only do the job themselves but also give it the highest level of attention.
Consider affordability before signing any agreement. Most property appraisers offer affordable services. However, you should not assume that your potential one does. To be on the safe side, it is essential that you ask for a quote before the provider starts appraising any property. Most importantly, they should break down their fees to help understand where each fee would be going. If the provider works on an hourly basis, they should give you an estimate of the hours they would need to complete the work. Beware of appraisers that demand a hefty deposit. Such a provider might keep you waiting for too long.