How To Find A Good Real Estate Appraiser

How To Find A Good Real Estate Appraiser

I'm not going to lie to you, investing in real estate can be incredibly lucrative both in the short-term and especially in the long term but there are many intricate pieces that go into the puzzle before you can really profit on your investment.

Finding the right broker is one of the pieces, and in fact may be a very important piece. But one of the absolute most important pieces in my opinion is finding the right real estate appraiser.

There are all types of appraisers out there. Some of them will rubber stamp anything you say and you may be tempted to use those kind of people especially if you rely on your appraiser in order to refinance mortgages and need them to state a specific value of your property. I'm not saying this is ethical or even legal but you know these types of people are out there... I suggest you stay away from them.

There are other kinds of appraisers who are overly neurotic and will flag every little stupid thing even though you aren't in the least bit interested. These types of people really should become drill sergeants in the army or something because they take their job way too seriously.

Of course, the best type of appraiser is the kind that is totally honest with you and is good at ferreting out the exact information that you need to make your investment decisions. When it comes right down to it at the end of the day all you care about is making good investments and therefore making profits and often times this is not possible without a solid appraiser and having one on your team is essential. So how do you find a good one? That's what I'm going to talk about today.

A good place to start in your search for quality appraiser is a financial institution such as a bank. Most regular mortgages go through a bank that requires an appraisal; so the banks will have lots of experience working with a broad range of these people and they'll have a pretty good idea of which ones are good and which ones to steer clear from. It's in the bank's best interest to tell you about the good appraisers because ultimately if you borrow money from them, they'll want that money back and a good appraisal is a good start along that path.

Not only are banks good places to look at, but other financial institutions are as well such as savings and loans and also mortgage brokers.

Apart from financial institutions a good place to look for appraisers are among the lawyers in your area and also among the real estate brokers. These two categories of professionals will also have a lot of experience dealing with a broad range of appraisers and should be able to tell you nearly as well as the bank which ones are the good ones are and who the bad ones are. Again it's in their best interest to help you in this area because the more business you do, the more business they do.

Hundreds, thousands, and sometimes even tens of thousands of dollars can hinge on the expertise and the judgment of your appraiser so finding the best one is incredibly important. Hopefully this article has given you a couple of tips on where to find a good one. Good luck!

Tips for Choosing a Real Estate Appraiser

Tips for Choosing a Real Estate Appraiser

by Donovan Carter

Whether you're investigating the value of your own property, the potential of an investment property or trying to obtain financing for a home, you'll need the services of a certified real estate appraiser. If you're trying to hunt down the value of a particular property and need to hire a real estate appraiser, keep reading for some tips on how to locate a quality person.

1. Ask your Bank

Because most lenders require proof of the value of a property before they will finance its purchase, they can often recommend trusted appraisers that they work with on a frequent basis.

If you trust your bank or lender, ask your mortgage agent for an appraiser recommendation.

2. Check with your Real Estate Agent

Your real estate agent is there to help you make this sale happen. Since they work in the business, they deal with appraisals and appraisers every day. Likely, your agent will be able to recommend a number of appraisers that they work with and trust.

3. Opt for Experience

The value of a home, whether you're buying or setting an asking price, is going to depend largely on the appraiser's recommendation and appraisal. Hiring the wrong appraiser or an inexperienced person could cost you a lot of money, whether you set the asking price for your house too low or you buy a home that's simply not worth its stated value.

When hiring a home appraiser, look for experience and good references, not the cheapest price.

4. Ask Family and Friends

Some of the best recommendations come from our trusted friends and families, so ask around. If a member of your family or circle of friends has recently purchased a home, ask them about their appraiser and whether they would recommend them.

When hiring a service provider on a recommendation, always mention that you were referred to their business and who gave the referral. Referral-based business can often go a lot smoother than a cold call.

5. Check Online Customer Reviews

Many consumer review sites, like Yelp.com, let customers review and rate service providers and businesses in their area. These sites let you read actual customer reviews that include the good, the bad and the ugly about a particular business. So, before you hire, check online for customer reviews and comments.

Hiring a real estate appraiser is necessary, but also easier than it sounds. To get the best results, ask your bank, real estate agent and family and friends for recommendations. Finally, remember to opt for experience and check available customer reviews.