Do I need an Appraiser if I am using a Realtor?
 
It's not uncommon for real estate agents and their sellers to disagree on what the sales price of their home should be. After all, a seller's view of their home's value may be somewhat emotional and a real estate agent should be basing their opinion on current and historical market data. Under these circumstances, requesting a seller to lower their asking price can prove to be a daunting task. However, there is a straightforward way to ease sellers into seeing the true market value of their home.
 
When a real estate agent and a seller just can't come to terms on what a home's value really is, it's time to bring in the help of an unbiased professional. A professional appraiser can be a great help in situations like this. By providing you with a "full blown" appraisal report, an appraiser plays a very important role in educating the sellers on how they arrive at the true market value of their home. The appraiser has no vested interest in the outcome of the report, which in itself can be reassuring to the seller.
 
Part of the appraisal process includes an inspection of the inside and outside of the home. This is where the seller has the opportunity to "show off" many of the customized features of their home. The body of the appraisal report usually includes at least three recent comparable sales along with a map and photographs. The complete report can be emailed to the listing agent and/or the sellers in PDF format for discussion and review.
 
The next time you and a seller don't see eye to eye on the asking price of a listing, or you have a listing that's just not selling and the seller has resisted any price reduction, contact FullAppraisals.com for all your home valuation needs. A just valuation will save Realtors and homeowners time and money!

What's an Appraiser?
 
An appraiser is a licensed professional who provides appraisal services for a fee. These professionals are often required to take courses and have undergone an extensive training period. In States where appraisers must be licensed, the appraisers must also pass a test, complete basic education requirements and adhere to continuing education guidelines. The majority of States also require that an appraiser "apprentice" under an experienced appraiser for a certain number of hours before performing appraisals on their own.

What's an Appraisal
 
An appraisal is the professional opinion of an appraiser as to what a home is worth. An appraisal can provide you with an unbiased and impartial analysis as to the market value of your home. Appraisers use a number of factors when performing an appraisal, such as the condition of your home, what comparable homes have sold for in your area, and other determining factors that impact the value of your home. The appraisal is then provided by means of a written report.
 

How Is An Appraiser Different From a Real Estate Agent?
 
Your real estate agent is a sales professional who is hired to help you buy or sell a home. Your real estate agent can also help you determine the market value of your home, however, that is not their main role. An appraiser, on the other hand, is solely hired to determine the market value of a home. They have no outside interests that would affect what they determine your home to be worth, allowing them to be impartial when providing an appraisal.
 

What Does an Appraiser Do?
 
An appraiser performs a number of tasks including an inspection of the home that he or she is appraising. The appraiser may also perform a thorough research of public records in order to obtain items such as a plat map, research zoning, flood data and review the sales and listings of similar homes in your area.
 
When inspecting your home, the appraiser will make notes of any improvements and physical characteristics. After inspecting your home, the appraiser may take photos of comparable homes that have sold in your area. He or she then regularly contacts the agents that sold those homes to get more details pertaining to the sales of those homes.
 
After the appraiser has collected all of the information he or she needs, they use it determining the value of your home. Using the information that the appraiser has collected, he or she will determine the market value of your home.
 

Who Can Perform an Appraisal?
 
In most places, anyone can perform an appraisal as long as it is performed for non-lending purposes. If, however, an appraisal is needed for lending purposes, the appraisal must be performed by a state-licensed and certified appraiser.
 

Are Appraisers Requlated?
 
Appraisers that are licensed or certified by their states are regulated by the state agency that enforces the state and federal regulations for appraisers. Most states differ in their regulation process. For more information contact your states licensing board.

What Are the Professional Standards for Appraisers?
 
If an appraiser is licensed or certified by the state in which they conduct business, they are required to adhere to the Uniform Standards of Professional Appraisal Practice, which are determined by The Appraisal Foundation. The Appraisal Foundation is the nonprofit organization that establishes the Uniform Standards of Professional Appraisal Practice as well as the educational requirements for state licensed and certified appraisers.
 

What Rules Do Appraisers Have to Follow?
 
Each state has its own appraisal requirements. When an appraiser is licensed by his or her state, he or she must adhere to those requirements. In addition, when an appraiser is performing an appraisal for a lender, the appraiser must adhere to the lender's requirements as well.
 

Why Do Lenders Use Appraisers?
 
The majority of appraisals that are performed are performed for mortgage lenders. Lenders rely on appraiser to inform them of the market value of a home before the lender puts out money for the purchase of that home. In this instance, the appraiser is working for the lender, ensuring that their investment is well advised. Even if the buyer is the one paying the lender, the appraiser is working for the lender, not the buyer.
 

Who Does the Appraisal Belong To?
 
The appraisal is owned by whoever ordered it. If the lender ordered it (even if the homeowner or buyer paid for it) then the appraisal belongs to the lender. However, if the appraisal is ordered by the homeowner for non-lending purposes, the homeowner owns it.
 

Well I Recieve a Copy of the Appraisal?
 
A borrow is entitled to a copy of the appraisal under federal law. If the borrower would like to see a copy of the appraisal, he or she must request it from the lender. Appraisers are not allowed to give a copy of the appraisal to the borrower unless the borrower ordered the appraisal for non-lending purposes.
 

Why Are There Letters after an Appraiser's Name?
 
The letters after an appraisers name indicate how much education and experience an appraiser has.
 

How Do You Go About Becoming an Appraiser?
 
Generally, to become an appraiser, you must take classes, train under another licensed or certified appraiser and then become licensed or certified by your state.
 

What Do I Do If I Think an Appraisal Was Done Incorrectly?
 
If you think an appraisal was done incorrectly, first contact your loan officer as to why you think the appraisal was done incorrectly. If the appraiser missed home sales that would have played a significant part in determining the value of your home, let him or her know. If, however, you think fraud was involved or the appraiser was not qualified to perform the work he or she was performing, contact your state licensing agency.
 

Why Should I Get an Appraisal?
 
An appraisal is the most complete home valuation product available. It is the standard property valuation report used by lending institutions. An appraisal is a highly accurate opinion of value from a local, l icensed appraiser. An appraiser will make an appointment to view your home and supply you with a written report that will include an opinion of value in today's market. Each report will also include comparable sales, formulas and the qualifications of the appraiser.
 
Home Buyers and Sellers who want the most accurate valuation report available from a licensed professional. THE TRADITIONAL APPRAISAL is also used for Estate Settlements, Divorce and to reduce Private Mortgage Insurance purposes.

What are Divorce Appraisals?
 
In a divorce, there are many important decisions that have to be made, including "Who gets the house"? Usually the house is either sold and the profits are split, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the property. Divorce appraisals require a well supported, professional appraisal that is defensible in court
 
Attorneys and Accountants rely heavily on the values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We provide appraisal reports that meet the requirements of the courts and various agencies.

What are Estate Appraisals?
 
Settling an estate is an important and sometimes stressful job. Attorneys and Accountants rely on appraisal values when calculating property values for estates, divorces, or other disputes requiring a value being placed on real property.
 
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
 
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly show the authorities that the numbers used are well founded and substantiated.
 
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements.