Before you can be approved for a mortgage loan, an appraiser is being called to assess the property you are planning to buy. The appraiser will check the property and evaluate its worth before he can come up with the actual appraised value of the home. A home building inspector is also required to assist in this process. The problem today in the real estate economy is the need of having a reliable appraiser that will give an accurate report on the said property.
An accurate appraisal report is vital in the buying process of a home. Its reliability is critical to restoring the belief of the mortgage processing that will give you the money to buy your home. The problem today with the appraisal industry is the fact that their reputation has been tarnished over time due to the many compromising situations they find themselves in. One of which is the appraiser's credibility when evaluating the real estate property. Many times the person's competency, opinion (which supposedly should be unbiased), and local market knowledge is being questioned. Because of this, choosing a reliable appraiser is important so that the appraisal industry will turn out stronger and more reliable.
Steps on how to Choose an Appraiser: Questions You Need to Ask
1. Ask him about his license as an appraiser, his education and qualifications. The law mandates that appraisers should possess a state certification. There are two kinds of licenses - the Certified Residential Real Property Appraiser and the Certified General Real Property Appraiser. If you are a residential appraiser, then you are required to finish an associate degree while the commercial appraisers are required to have a Bachelor's degree.
2. Ask him to show you his resume, three or more references from previous clients and his work experience.
3. To verify his references, you must take the time to talk to his previous clients. This is crucial because loan officers have different requirements from homeowners. What you are looking for is his unbiased evaluation that will benefit the decision whether a mortgage will be written up for you or not.
4. Assess his knowledge on the property type you have in mind. If you are looking for someone to appraise a home property in a suburban community, an appraiser who is known for appraising commercial building may not give you the right information you need. Get someone who is an expert on the type ทาวน์โฮมมือสอง of property you need appraised.
5. Lastly, you have to ask him about his appraisal methodology. Normally he should be up to date with his methods that will give you reliable and unbiased information.
The real estate appraisal industry is in need of qualified, efficient appraisers and home building inspectors. Together with a reliable home building inspection report, it is crucial for buyers to have an easy access to mortgage loans needed for them to buy the house they want.
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