Phoenix, Arizona (AZ)

Real Estate Appraisal Information

What is an appraisal and its significance?

Every neighborhood has a certain amount of public wealth determining the public’s appeal. The ultimate goal of a homebuyer should be to move into an area where the property is worth every cent of his or her investment. To feel secure with the home you’ve chosen, a professional real estate appraisal should be administered before closing the deal. The purpose of an appraisal is to influence the judgment of people who buy, sell, rent or manage in real estate by finding the actual value a property is worth. An appraiser gathers and analyzes information about the property to prevent sellers from overpricing and to protect homebuyers from overpaying.

Appraisal Process

The real estate appraisal process is a brief, thorough routine that includes the application of various steps. An appraiser must work diligently to complete every action in the process. At the end of the professional’s examination, he or she reaches a sound conclusion which affects the seller or potential buyer’s decision to close a real estate transaction. In most cases, residential appraisals involving single family dwellings give the best results. The examiner usually chooses to conduct a direct sales comparison or market approach which is the most convincing technique for buyers.

Requirements and Duties of an Appraiser

Most states require real estate appraisers to be certified or licensed in order to perform the appraisal process. An appraiser also needs to be experienced in the field and to have completed a number of educational tasks like having obtained a certain related degree or completed trade school. He or she will receive extra attention for adhering to enforced industry policy and a traditional code of ethics. Once an appraiser has successfully abided by the standards of the industry, you can expect to receive supreme expertise.

An appraiser can complete the physical inspection from minutes to hours depending on the size of the property. It takes longer for the appraiser to closely view the neighborhood where the property is located. Afterwards, he or she finishes the job by analyzing the report at the office and constructing a written narrative. This document can consist of hundreds of pages full of details about the property. The appraiser usually obtains most of the information needed to fulfill the appraisals requirements through a variety of sources like tax records, office files, Multiple Listing Services and interviews with buyers and sellers. Overall, the whole appraisal process can take weeks or even months to complete.

You should check into a real estate appraisal before you decide to go through with a real estate transaction. You deserve to dwell in a home worth your personal standards.

By Lyndsey R. Ellis

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®