Real estate appraisers can be hired by the seller, the buyer, or the mortgage lender, who often has their own in-house appraisers.
These services can be extremely necessary because the outcome typically affects all parties involved, namely the buyer, the lender, the seller, and oftentimes the realtor, which is why appraisals are intended to be 100% objective in that they don’t cater to any individual.
With that in mind, however, it’s important to note that appraisals are not based on any predetermined checklist, meaning that different appraisers may assign different values to the same property.
So, what makes an appraiser qualified to make these decisions and place these values? Real estate appraisers in Vancouver are required to obtain, at least, a license or certification that deems them eligible to appraise a property. Exact requirements may vary but this often involves an examination administered by an appraisal board.
There are additional appraisal resources, such as the Appraisal Institute, for example, that provides a more in-depth training that usually requires meeting an additional set of standards to be approved. For that reason, real estate appraisal in Vancouver can vary depending on the professional’s previous education.
Appraisals often require more work than simply walking into a building and placing a value, though that is the bulk of it. Whether it be commercial or residential appraisal in Vancouver, your appraisers usually do a handful of other things as well.
– They may examine public records or a property to verify the legal descriptions.
– They inspect and take note of the properties.
– This usually means taking photographs.
– They may compare a property to nearby properties to help find an appropriate value.
– They prepare written reports.
Most of their work involves determining the most accurate value, given that several individuals and transactions rely on this information.
When to Hire an Appraiser
The primary reason why one would hire an appraiser is to initiate negotiations between a buyer and a seller. An appraisal indicates at what price a seller should sell the property for and it also informs a buyer of an appropriate buying price, which ultimately saves individuals from being treated unfairly.
Appraisers are also necessary for mortgage lending purposes, tax assessments and appeals of those assessments, government acquisitions, business mergers and dissolutions, and lease negotiations. Appraisals aren’t limited to residential areas but are frequently used for corporate and other commercial properties.
If you are looking to buy a property, you would look to an appraiser to first gauge the price, especially if you are skeptical of the asking price as it stands. As long as these appraisals are objective and not motivated by one of the parties involved in the transaction, they can be very beneficial and often necessary.
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