Property appraisel
A homeowner may have reason to hire a property appraiser. Usually, the reason a homeowner calls a professional like Abbe Edelman to appraise their home it is because they are getting it ready to put back on the market for resale. The property appraiser will help determine what would be a competitive price for the property based on other recent sales of other similar properties in the same region. Sometimes, a property appraisal is requested simply because the NJ homeowner needs to know what the value of the home is. This is often done in cases which a property owner needs to know what they owe for taxes or to purchase an insurance policy for the property. They may also need an appraisal if they are going to use the home for collateral for a loan. Whatever the reason, the selection of a property appraiser is a very important process. The following are four of the most important considerations to be made when hiring an appraiser.
Ask for Their Credentials
Every professional property appraiser will have to pass very strict state certifications and licensing. The appraiser should be able to provide you a copy of their license and gladly show you their documentation. When you obtain a copy of their license always check with the agency that issued the license to make sure that it is in good standing and is still active. Remember that licensing alone is not an indication of the quality of work the individual can perform. However, it does indicate that certain criteria and standards have been met in order to be authorized to perform appraisals. There are a few states that do not require a license to complete property appraisals. It is not wise to use a professional who has not been certified or licensed.
Finding References
There are several resources which can help a homeowner obtain a reputable property appraiser. The local Chamber of Commerce, the Internet and the Association of Realtors may all be helpful in locating an appraiser. You may also ask an attorney, real estate agent, a lender or even a CPA for a reference. Most of these professionals use appraisal services so they may be able to help you locate a reputable property appraiser.
Years of Experience
Ask how long the property appraiser has been doing this kind of work. It takes some time to become familiar with all the factors which contribute to a property’s value. Many suggest that it takes 5 years just to get acquainted with the procedures associated with the appraisal process. Appraisers may also have gained experience working with loan officers or mortgage brokers and be unfamiliar with working with a homeowner who needs an appraiser who understands the homeowner’s needs. Be sure to find out if the appraiser has experience working with the type of property you need appraised. They may be very experienced at commercial properties but not residential or vice versa. Be sure that their experience lies with the type of property you need assessed.
Service Area
When a property appraiser makes their assessment of a piece of property, they must consider the neighborhood in which it is located. They should be familiar with the area so that they will be acquainted with features in the area such as parks, fire stations, libraries and other amenities. The location of the property is an important factor in determining its value. It will also need to be compared with other similar properties in the general region. The appraiser should have experience in the general area in order to offer a reasonable and accurate appraisal of the property’s value.
