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Searching For A Real Estate Property Appraiser

Searching for a Real Estate Property Appraiser, keep the following in mind:

There are many people who call themselves appraisers but who are not accredited and have no formal training. It is important to hire an appraiser who is accredited by a reputable valuation organization.Make sure the real estate property appraiser is licensed or certified by the state to perform real estate appraisals. Some states do not require licensing to perform real estate appraisals. It is not recommended to use the services of any appraiser who is not licensed or certified. Don’t be afraid to ask an appraiser for a copy of their license. Appraiser’s will readily provide this documentation.

Ask how much of their work is not done for lenders. A high number is a good indication that they are not simply spouting back predetermined values. If all their work is property appraisal done for lenders, ask how many times they came in below the sale price. If the answer is never – find someone else. The law requires that appraisers remain impartial.

Real estate appraisers carry a professional designation. The most widely known industry designations are SRA (residential appraiser) and MAI (generally commercial appraiser) and SRPA (senior real property appraiser). These designations are issued by the Appraisal Institute. These designations demonstrate an appraiser’s commitment to continuing education and ethical standards.

Professional designation may or may not be a good test of quality but the Appraisal Institute designations of SRA, MAI and SRPA are deservedly the most respected in the profession. Many of the very best appraisers are designated. Unfortunately, a few poor appraisers are designated as well.

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