The Benefits of Hiring Real Estate Appraisers

Real estate appraisers can be a real benefit to buyers, sellers and even to homeowners.

What Does a Real Estate Appraiser Do?
As the name suggests, a real estate appraiser is someone who is trained to appraise the value of real estate. She evaluates the size, amenities and condition of a home, and then compares the home she's appraising to other homes in the area. After researching recent sales in the neighborhood, she will establish a fair market value for the home.

The Benefits of Hiring a Real Estate Appraiser
To fully understand the benefits of hiring a real estate appraiser, consider the following:

Benefits for Sellers

  • Can help you to establish an appropriate list price for your home.
  • Can help you to justify your chosen list price, should a buyer question the price or try to talk you down.
  • Can help you to identify areas of your home that require attention.
  • Can help you to determine how your home compares to others in the neighborhood.

Benefits for Buyers

  • Can help you to determine if the list price is fair and appropriate for the home you are considering.
  • Can help to flag problems with the home that you might have overlooked.
  • Can help you to determine if a home's price is in line with the price of other homes in the neighborhood. An appraiser will provide you with information about the actual sales prices of other homes in the neighborhood.
  • Can help you to negotiate a price reduction with the owner, should the appraisal come back lower than the list price.
  • Can help you to get the owner to agree to do more work on the home prior to the sale.
  • Can help you to determine if you will be able to get a loan for the asking price-mortgage lenders generally will not approve a loan that exceeds the appraised value of a property.

Benefits for Homeowners

  • Can help you to establish the value of your home for a refinance.
  • Can help you to establish the current value of your home if you are trying to get rid of your private mortgage insurance (PMI).
  • Can help you to establish to the value of your home if you are going through a divorce or otherwise dividing up property.
  • Can help you to establish the value of a home that is part of an estate.
  • Can help you to determine how much insurance you need to take out on your home.
  • Can help you to settle an insurance claim.
  • Can help you to dispute your property tax assessment, if you think it's too high.

Protect Your Interests
Real estate appraisers can add expense to a real estate transaction, but when you consider all of the benefits of hiring an appraiser, it's certainly worth the cost.

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