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Real Estate Appraiser Makes Or Breaks Your Deal?

Aug 28, 2008
I know many people use the service of a real estate appraiser when they plan to purchase a real estate property either for own residential purpose or as an investment. Mostly the first step in getting a property deal is the appraisal of the property, especially if you are looking for a bank loan or finance from a lender. As all of us know, no bank or lender will give loan to a commodity, which has fewer appraisals than the amount you avail.

Now, do you agree with me that the service of a real estate appraisal is an inevitable part of the deal?

It is true that when the appraisal does his job, he will be estimating a value for the property based on many factors. In majority of the cases, appraiser will come out with a figure, which is equal or more than the asking price. In this case the lender will be happy to lend you the amount you require.

But there are cases in which the appraised value is less than the asking price, and as we expect, banks or lenders would not extend loan facility. This is a precarious situation by which either you have to drop the deal or renegotiate with the seller to fix price less than the appraisal.

Now you will not be having any doubt on the role of an appraiser. He can make a deal or break a deal. His service is important. Some time you might not be considering about going for mortgage loans. You will be buying the home with your personal savings.

Yes my friend, even in this case if I am there in your place, I will go for the service of an appraiser. I do not want to spend my hard earned money for a property with low expected price. Why should you?

Only thing I will make sure is that the appraiser I select is the best. If you choose an appraiser who is not experienced in the field, he will provide you with wrong estimated value and you will be duped in getting a low valued property for a higher price.

It is highly necessary to have the service of the qualified appraiser. He must go through each and every aspect of the home and also consider the expenses that can incur for replacements and renovations. He has to do the appraisal correctly and perfectly and should able to give written details on the appraisals after collection all information, significant as well as insignificant. Each dollar is very important my dear, do not loose it.

While searching for a right appraiser, you have to search for the best one whom you can trust and afford. Mostly your real estate agent can give you a recommendation. The name he suggests may be an appraiser working for him. You need not necessarily go with him; you can have your own assessment. But you should get the best.

Another way of getting experienced and reputed appraiser is through your friends, family members and other people who have some familiarity in the field. Internet and Newspapers are other options to come in contact with appraisers. You should consider the appraiser recommended by most people. You have to spend some time and efforts to get a right real estate appraiser for you.
About the Author
Prue and her 1-of-a-kind site at http://www.realestatebloom.com (where else?)helps you to make money in ways you've never known. Discover how to be a millionaire making money via real estate investment within days, even in a down market!
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