When and why do I need to get a Real Estate Appraisal?
A professional real estate appraisal is needed, when it is necessary to know the true market value of your home, your commercial building or vacant land. Mortgage lenders most often arrange for a professional appraisal. However, property owners, buyers and sellers or their attorneys may need to hire an appraiser in the following situations:
• Asset Distribution
• Arbitration Cases
• Counseling and Consultation ' Determination of a Fair Sale Price
• Divorce, Division of Interests
• Estate Evaluation
• Eminent Domain
• Employee Relocation
• Expert Witness Testimony
• Gift Evaluation
• Income Producing Property Evaluation
• Insurance Cost Purposes
• Market Analysis
• Market Rent and Trend Studies
• Partnership Dissolution
• PMI Removal (private mortgage insurance)
• Property Disputes (views, easements, etc.)
• Tax Assessment Review
What is a Real Estate Appraiser?
An appraiser is a professional who specializes in providing opinions of value. Most appraisers specialize in real property; others specialize in other types of property, e.g., gems or machinery and equipment. Professional, licensed and certified appraisers have completed a broad, basic education curriculum and continuing education requirements as well as mandated, supervised experience.
What Makes a good Real Estate Appraiser?
Written appraisals should conform to the Uniform Standards of Professional Appraisal Practice and meet the requirements of the IRS, and/or the local courts. A good report should answer your questions and consider all relevant factors. It should include a correct definition of value that is related to your intended use of the appraisal. You should feel satisfied and confident of the conclusions.
What Questions Should I ask when hiring an Appraiser?
What Qualifies You to Appraise?
A formal education embracing appraisal standards which consist of appraisal theory, principles, procedures, ethics, and the law are essential. Reports must conform to the standards of the appraisal profession. For this reason, the Appraisal Foundation has established the Uniform Standards of Professional Appraisal Practice.
Are All Appraisers Licensed?
No! In California, there is no legal certification or licensing required for appraisers. Membership in professional organizations ensures, through core courses, testing, educational programs, and standards, that its members are qualified to provide appraisals that reflect the utmost in accuracy, competence and integrity.
Do You Belong to an Appraisal Organization?
Membership is important because it shows that the appraiser must adhere to a code of ethics and conduct.