- Appraisers are licensed by states after completing licensing coursework and internship hours.
- The appraiser must be an objective third party, someone who has no financial or other connection to any person involved in the transaction.
- The property being appraised is called the subject property.
- In some cases, the buyer pays for the appraisal at the time of loan application. - - - Other times, the appraisal fee is added to the settlement statement and paid at the closing table.
Appraisals are very detailed reports based on an appraiser's on-site evaluation of a property as well as an evaluation of sales data.
Here are a few things they include:
- Details about the subject property, along with side-by-side comparisons of similar properties.
- An evaluation of the overall real estate market in the area.
- Statements about issues the appraiser feels are harmful to the property's value, such as poor access to the property.
- Notations about seriously flawed characteristics, such as a crumbling foundation.
- An estimate of the average sales time for the property.
- The type of area in which the home is located, for example, a development or stand alone acreage.
Need more info? Give Volkhaus Appraisals a call at (720) 232-1075.
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