Real Estate value changes constantly, resulting in the need to determine current value whenever a property changes ownership or is refinanced. Lenders usually hire appraisers (even if the buyer usually pays for it) because they want to assess the risk of loaning you money to buy a certain home.At condoideas, we have worked with several appraisers in the region and we can give you some contact information.
The appraiser’s job is to render an objective opinion of value, called a Uniform Residental Appraisal Report.The appraiser will select comparable properties in the area and look at the condition and features of your home.He will inspect your property, and write down the number of baths, bedrooms, the location. He will also look at defects that could affect the property’s value.
The appraiser then decides on using two to three approaches to determine the value. He will use a cost approach, an income approach and a sales comparison approach. Afterwards, he will reconcile the 3 approaches to get the magic number. This number is the best indication of the property’s value at this time.