Real Estate Appraisers

• Real estate appraisers are the individuals who are in charge of performing a real estate appraisal. While the real estate appraiser uses standardized techniques, much of the value that is assigned to a property is related to assumptions that are made by the appraiser. This means that you can get two very different values on the same piece of property from two different appraisers. When choosing a real estate appraiser, you need to look at the level of experience they have so that you can get the best evaluation possible.
  
  

Methods

• The real estate appraiser will use three different methods to determine the value of a property. The first method involves comparing the property to similar properties and then adding or subtracting to the value of the house based on the comparison. Another method is the income approach. This method involves the appraiser looking at the property in relation to how much income it can generate. The appraiser will also look at the value of the property in relation to how much it costs to build.
  
  

Types

• Depending on your needs, you could have a few different types of appraisals conducted on your home. An appraiser could choose to conduct a thorough appraisal of your home. This type of appraisal involves the appraiser come into your house, measuring everything and taking pictures of every room. Another less-involved type of appraisal is referred to as a "drive by" appraisal. With this type of appraisal, the appraiser simply drives by your house and does not necessarily do a detailed analysis.
  
  

Mortgages

• Appraisers play a vital role in the mortgage industry and can affect your financial situation when you are trying to get a loan. The appraiser is in charge of determining the value for the mortgage lender when someone applies for a mortgage. Depending on how much value the appraiser says the property has, it can affect whether you qualify for the loan or not. It can also impact whether you have to pay private mortgage insurance or not.