Real estate appraisal is the process of estimating the value of a house or property before it is put in the market for selling or mortgaging. The real estate appraisal is very important because it will help determine the true value of a house.
The banks use the real estate appraisal to help them decide whether the amount being asked by a loan borrower is just. The process of estimating the value of a certain property is done by an appraiser. The appraiser is a certified expert with many years’ experience in the valuation process. They are also fair meaning they do not give any favored judgement. Most of these appraisers work for different companies including banks and real estate agents. Some of the appraisers usually have their own appraisal firms.
Familiarity of the area where the house being valued is located, is very important to the appraiser. This means that they are well aware of the whole neighborhood and all the factors that might affect the property value. It is the work of the appraiser to determine if property is owned legally by checking the public records. They will also take pictures of the property both inside and outside.
Comparing the houses with others in the area is also done by the real estate appraiser to determine the property value. They will then write a detailed report about the property and also maintain any records about the property. Features near the house that might affect the value of the property are also noted down by the appraiser. The appraiser will then do some calculations using the information they have obtained and come up with an estimated value of the property.
The real estate appraisals are all very closely related. The different real estate appraisal are uniquely similar in that they are all trying to figure out the real market value of a certain house or property. The real estate appraisal process can be broken down into major factors that the appraiser will be keen on to determine the value of the property. The knowledge of these factors by the home owners will assist them in increasing the value of their homes or properties. Examples of factors that might affect the property value are repairs and renovations made, features of the property, depreciation of the property, location of the property, age of the property and size of the property.
There are two ways on which one can get a residential appraisal for free. Option one involves using a real estate agent to value the house. The second option is by the use of the many available free online appraisal websites. Using the website appraisal is easier because you only need to provide them with the house address and also some few features of the house and then you generate an estimate of the current value of the property.