How to Buy a House Appraisal
The purpose of house appraisal is to determine the market value of the property. Property owners and potential buyers always use a property appraisal to get an estimate of the worth of the building before finalizing the deal.
Home appraisers take into account real estate data of nearby buildings to come up with an accurate estimate of the home’s market value.
Things Required:
– Personal Computer
– Internet Connection
– Calculator
Instructions
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1
Learn different types of home appraisals. Appraisals are categorized according to the level of details you want the estimate to be. Generally appraisals are categorized under three major types: full appraisal, the drive appraisal, and the electronic appraisal.
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Full appraisal report will take into account both internal and external features of the house and compare it with the recently sold properties in your locality. This is the most detailed and expensive appraisal as it covers almost everything in the estimate.
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Drive by appraisal only looks at the house exterior features. It relies more on real estate date in the tax records of the city county, the multiple listing service and some other parameters to gauge the market value of the property.
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Electronic appraisal is meant for lenders or sellers. It relies only on the date from multiple listing service, taxation records, and some other electronic databases to put a value on the property.
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Hire the services of a top quality appraiser, one who has a lot of experience in house appraisals. You can ask your real estate guy or your lender to recommend an appraiser, as the real estate people are always working with such people. There are a few mortgage firms that hire the services of independent appraisers to estimate the value of homes. Contact your mortgage company and request them to give you a list of home appraisers working in your locality.
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Ask for his/ her registration number and look it up with your state licensing information database. A professional appraiser requires a license in order to work and the licensing authority grants the license only when the person meets the education requirements and required experience.
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You can look up your appraiser’s licensing information online. You need to know only the appraiser’s license number in order to carry out the search.
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You may also get in touch with the Better Business Bureau to get a background on your appraiser. The background report will help you identify the suitable candidate for your home.
