Real estate appraisal is the process where a professional makes an opinion on your property, usually in regards to its market value. The person who does this is known as an appraiser. Real estate appraisers help property owners know the worth of their property, the market trends in that area, among other things. They must always remain impartial, unbiased, and professional when discharging their duties or ascertaining the worth of a certain property.
There are various instances that may warrant an appraisal of real estate;
- Banks will always require buyers and sellers to produce an appraisal report of the property at hand, before being financed or any money given out.
- When negotiating lease agreements, appraisers must first conduct an appraisal of the property in question.
- Before buying or selling property, an appraisal report has to be at hand.
- When businesses or other commercial property are being merged or dissolved, an appraisal report must always be on the forefront.
- Real estate appraisers must also value property during tax assessments or when appealing to an assessment.
What are the requirements for becoming a real estate appraiser?
In order to become a real estate appraiser, one must be licensed and authorized to practice within a given area. And to be licensed, one has to pass an examination set by the Appraisers board. The appraiser undergoes a rigorous educational and professional training, as well as being taught on how to adhere to a strict code of ethics and standards.
How accurate are they?
Real estate appraisers are expected to always be professional and accurate in their job. Their appraisal reports are admissible in courts of law and as such, they strive to be as accurate as possible in their appraisal reports. You should never try to influence the appraiser to over value your property as this is wrong.
Read more about property valuations on www.valuationswa.com.au/services.html