Selling a Home? Get an Accurate Appraisal First

In an effort to save a few dollars in this down economy, many would-be-sellers today are turning to computer generated reports to establish the value of their property, rather than paying for a full appraisal. These sites use data that is collated from various resources to come up with estimates of what a property is worth.

Although a professional appraiser is more expensive, they are highly trained to accurately determine the value of many different types of properties, as well as account for many variables the computerized reports don’t take into consideration, like surrounding neighborhoods, economic development in the area, and the quality of the school system, just to name a few.

Many lenders don’t even require an in-depth inspection or interior inspection of a home, which begs the question: How can a realistic property valuation be arrived at without an on-site inspection? The answer is, it can’t.

To obtain state licensing or certification, appraisers must undergo a stringent course of training through an accredited educational facility. In addition, some states require appraisers to complete an apprenticeship with a more seasoned professional before they can operate independently. The best appraisers will consider every aspect of the property, including square footage, room count, types of rooms, condition of property, lot size, neighborhood trends and comparable properties in the area that recently sold, as well as similar properties that are currently on the market.

Locating a qualified appraiser in your area is not a difficult task. Banks and lenders in your neighborhood can often refer you to reputable appraisers.