You know you need an appraiser to value your home, but when you look online, there are so many to choose from! Sure price may be a factor, but simply going for the cheapest appraiser may likely lead to disaster! But what else do you ask the appraiser when you give him or her a call????
This blog post will guide you through that process….
It is important to choose the right appraiser to value your property because it will save you a lot of time, money, and energy. In order to determine the best appraiser for you home, here are some categories of questions you can ask before you hire:
‘Basic information’ Questions
You should get to know the appraiser you are going to work with. You may ask if they work alone or with a company, if they work full time as an appraiser, how many appraisals they usually do in a day, or a week. Also get their contact information and when is a good time, you can reach them. This can make communication easier especially when you might need to ask questions or provide information about anything concerning the appraisal.
Ask if they are licensed or certified, and if they have other professional designations or are continuing any education – This would let you know if the appraiser is qualified to do the job and also what types of properties they are permitted to appraise. Certified appraisers will have completed more basic education and will generally have a greater depth of experience compared to licensed appraisers.
How long have they been appraising property? Are there specific types of properties they appraise? – The appraiser’s experience and knowledge in the field are very important things to consider. It is recommended that the appraiser you hire has at least 5 years of experience for simple properties and at least 10 years for more complex ones. You would also want to know their experience in appraising homes similar to yours, especially if your home has some special features.
Ask when the report will be ready – This will ensure when you can expect the report to be ready. It is important to establish a date to avoid delays to the whole process of buying or selling a home.
And perhaps the all time favorite…
Ask what is their fee and the basis of what they charge – it is advised that you do not hire an appraiser that charges a percentage of the appraised value. This indicates a bias in the home’s value. Appraisal fees vary depending on your location so researching the usual cost for your area and type of home will help give you an idea of the range.
It goes without saying that you need to be able to know and trust the professional who will have access to your home and accurately determine its value. Being ready with questions of the main things you need to know about the appraiser will ultimately help you to select the right person for the Job.
Download the PDF to get 5 bonus questions you need to ask to choose the right appraiser!