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Online Real Estate: Real Estate Appraisers, Home Appraisals And Market Value
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Published: September 18, 2007
Anyone considering putting their property up for sale will require the services of real estate appraisers. Indeed, real estate appraisals are vital tools for any property owner, selling or not. Home appraisals, when properly performed, provide a property's owner with its fair market value. Real estate appraisers combine the size and condition of a property's land, structure and amenities with the same information from similar, recently sold properties.
Producing accurate real estate appraisals is an intricate process, and as such, licensed real estate appraisers must perform them.
There are many situations in which knowing a property's market value may be useful. A property owner may suspect the tax assessment of their property to be too high. Updated real estate appraisals may help in such situations. If the real estate appraisal of the property is less than the amount used for the owner's tax assessment, it will be required in the owner's appeal. Also, real estate appraisals are used for legal matters involving the assessment of a person's assets, and insurance companies use them to measure a property's replacement cost. And, of course, a professional assessment of a home's market value is indispensable for those involved in selling that home.
It may be useful for property owners to be familiar with the real estate appraisals before home appraisals take place. Generally, real estate appraisals first require physical assessments of the properties to be sold. This entails a count of the rooms within a structure along with those rooms' square footage. Other considerations are taken into account for real estate appraisals, such as a home's added features and their condition. Examples of these features include, but are not limited to, the presence or absence of a central air conditioner or the presence or absence of a finished basement. The age of structure is also taken into account in real estate appraisals.
Once an appraiser has assessed the assets of the structure, he or she can begin comparing it to similar structures. They look for similar properties in comparable communities and markets. Considerations in this stage of real estate appraisals go beyond the physical properties being appraised, such as a property's proximity to a community's schools. Once the real estate appraiser compiles the relevant information, he or she may produce the appraisal. Real estate appraisals are official, legal documents that are good for about six months, barring any significant changes to the appraised property following the appraisal. The information contained within real estate appraisals is confidential, usable only by the solicitor of the appraisal.
Online real estate appraisal services can be helpful in assessing a property's ballpark value, however they do not employ the scrutiny involved in proper home appraisals performed by licensed real estate appraisers. Online real estate appraisals often rely on an owner's assessment of their property, which may or may not be in line with a professional's assessment. Also, online real estate appraisals do not qualify as legal documents.
It is important to know that a licensed real estate appraiser is a genuine disinterested third party in any of the above-described situations. Their indifference is a requirement of their professional ethics, and it serves to protect the property owner. People interested in having real estate appraisals performed should be sure to employ a reputable real estate appraiser. One should ask their lender, lawyer or real estate broker to refer a reliable, licensed appraiser. Only then can people seeking home appraisals be certain they are receiving detailed, accurate assessments of the fair market values of their properties.
Sources:
"What is an Appraiser/Appraisal?" Housing. Hud.gov. 17 Sept. 2007. http://www.hud.gov/offices/hsg/sfh/appr/appr_publ. cfm.
Cirincione, John. "Expert Advice: Appraisal FAQ's." domania.com. 17 Sept. 2007. http://www.domania.com/qa/appraisers.jsp.
"Online Home Appraisal: Frequently Asked Questions." National Real Estate Data Services LP. Nationalpropertyvaluation.com. 18 Sept. 2007. http://www.nationalpropertyvaluation.com/faq.html.
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There are many situations in which knowing a property's market value may be useful. A property owner may suspect the tax assessment of their property to be too high. Updated real estate appraisals may help in such situations. If the real estate appraisal of the property is less than the amount used for the owner's tax assessment, it will be required in the owner's appeal. Also, real estate appraisals are used for legal matters involving the assessment of a person's assets, and insurance companies use them to measure a property's replacement cost. And, of course, a professional assessment of a home's market value is indispensable for those involved in selling that home.
It may be useful for property owners to be familiar with the real estate appraisals before home appraisals take place. Generally, real estate appraisals first require physical assessments of the properties to be sold. This entails a count of the rooms within a structure along with those rooms' square footage. Other considerations are taken into account for real estate appraisals, such as a home's added features and their condition. Examples of these features include, but are not limited to, the presence or absence of a central air conditioner or the presence or absence of a finished basement. The age of structure is also taken into account in real estate appraisals.
Once an appraiser has assessed the assets of the structure, he or she can begin comparing it to similar structures. They look for similar properties in comparable communities and markets. Considerations in this stage of real estate appraisals go beyond the physical properties being appraised, such as a property's proximity to a community's schools. Once the real estate appraiser compiles the relevant information, he or she may produce the appraisal. Real estate appraisals are official, legal documents that are good for about six months, barring any significant changes to the appraised property following the appraisal. The information contained within real estate appraisals is confidential, usable only by the solicitor of the appraisal.
Online real estate appraisal services can be helpful in assessing a property's ballpark value, however they do not employ the scrutiny involved in proper home appraisals performed by licensed real estate appraisers. Online real estate appraisals often rely on an owner's assessment of their property, which may or may not be in line with a professional's assessment. Also, online real estate appraisals do not qualify as legal documents.
It is important to know that a licensed real estate appraiser is a genuine disinterested third party in any of the above-described situations. Their indifference is a requirement of their professional ethics, and it serves to protect the property owner. People interested in having real estate appraisals performed should be sure to employ a reputable real estate appraiser. One should ask their lender, lawyer or real estate broker to refer a reliable, licensed appraiser. Only then can people seeking home appraisals be certain they are receiving detailed, accurate assessments of the fair market values of their properties.
Sources:
"What is an Appraiser/Appraisal?" Housing. Hud.gov. 17 Sept. 2007. http://www.hud.gov/offices/hsg/sfh/appr/appr_publ. cfm.
Cirincione, John. "Expert Advice: Appraisal FAQ's." domania.com. 17 Sept. 2007. http://www.domania.com/qa/appraisers.jsp.
"Online Home Appraisal: Frequently Asked Questions." National Real Estate Data Services LP. Nationalpropertyvaluation.com. 18 Sept. 2007. http://www.nationalpropertyvaluation.com/faq.html.
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