How Much is a Home Really Worth?
What to expect from a real estate appraiser
Who Should Hire a Real Estate Appraiser
Both sides of a real estate transaction benefit from a real estate appraiser. The home buyer benefits the most from hiring a real estate appraiser. An appraiser will assess the true value of a home. If the home appraisers higher than the asking price, the seller is most likely going to accept a bid that equals that of the appraisal.
What Does a Real Estate Appraiser Do?
A real estate appraiser’s priority is to determine the current value of a home or other property. On-site, the appraiser will:
- Conduct a thorough walk-through to determine the interior condition
- Walk the entire length of the property to determine it’s exterior condition
- Evaluate any amenities to determine how much value they contribute
- Make note of any health or safety code violations
- Record the layout of the property
The real estate appraiser will evaluate all the data gathered on-site and combine it with current market conditions in that neighborhood. All this data combined equals your home or property’s true value.
Which Real Estate Appraiser is Qualified?
Real estate appraisers in Virginia are licensed by the Department of Professional and Occupational Regulation. You can check the license status of an appraiser at the DPOR website at http://www.dpor.virginia.gov/LicenseLookup/. Also, a qualified appraiser may be a member of a professional organization, such as the Appraisal Foundation, and adhere to certain codes of conduct or codes of ethics.
What to Expect from a Real Estate Appraiser
Chances are, your lender will recommend a real estate appraiser from his/her personal network of professionals. Because it is in the best interest of the lender, it is typical for the lender or the company they represent to hire the appraiser. A very motivated seller might also higher an appraiser.
If the seller hires the real estate appraiser, they will pay for it. If a lender calls for the appraisal, typically whoever pays for the loan will also pay for the appraisal. The price will range from approximately $300-$600. The price varies depending on the time, size, property value, and location of the home. Also, different types of reports require more or less effort, which effects the cost.
Most appraisals take one or two hours on-site. The real estate appraiser may take three to seven business days to compile and deliver the report.