Local Real Estate Appraisers Provide The Most Accurate Property Valuations

Some websites offer online services to estimate property values based on data collected through various means. While these services may seem quick and easy, computer generated reports are often extremely inaccurate due to use of outdated and often unreliable resources. While these websites may give a general idea of valuation trends, in no way can the reports created by such sites be relied on to give an accurate fair market value for a given property. The skills and knowledge of a local real estate appraiser can’t be replaced by these computerized tools.

Although they are more expensive, professional real estate appraisers are highly trained to accurately determine the value of various types of properties. Many complex variables must be accounted for that computerized reports can’t handle. Surrounding neighborhoods, economic development in the area, and the quality of the school system all can greatly affect a home’s value. Dilapidated neighborhoods that are currently undergoing gentrification probably won’t get a fair appraisal from a computer model, or from someone untrained or out of the area. Only a local appraiser will be familiar with rising or declining values and other trends in their area.

While obtaining a professional real estate appraiser to correctly determine a home’s value can be critical during a divorce, to value an estate, or to satisfy a lender requirement for a mortgage, choosing a reputable local appraiser that knows their market area can mean the difference between a good appraisal and a bad one. If an appraiser does not intimately know the market area they serve, many factors used to determine a home’s value can be left out of the process. Without knowledge of the current market area trends, property values given by an appraiser outside of their locale can be skewed.

Due to the difficulty of dealing with an ever increasing number of foreclosed homes, banks and other financial institutions are starting to hire real estate brokers to complete BPOs (Broker Price Opinion) instead of paying appraisers for a home’s valuation. Although BPOs are likely to be more accurate than computer generated reports in establishing a property’s value, there is a fair amount of controversy as to whether or not real estate agents have sufficient training to accurately complete these reports.

Uniform appraisal reports are more expensive than BPO services. Unfortunately, however, BPOs all too often leave out information that is crucial to determining an accurate value. Many lenders do not 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?

Prior to licensing or certification, appraisers must complete a stringent training course through an approved educational facility. Some states also require appraisers to apprentice under other, more experienced professionals before they are allowed to work independently. Good appraisers will carefully examine all aspects of the property. This includes square footage, room count, types of rooms, condition of property, lot size, neighborhood trends and comparable properties in the area that have sold recently, in addition to similar properties that are on the market at that time.

While BPOs from real estate brokers or computer generated reports can be obtained more quickly than full appraisals, a complete appraisal report is lengthy and in-depth. The final report will delineate every factor that went into the final valuation of the property.

Searching for a qualified appraiser in your area is relatively easy. Neighborhood banks and lenders are a great referral source. Searching an online directory or your local yellow pages can be another viable source as well when looking for a professional appraiser.

In the San Francisco Bay and Central Valley areas, contact Market Appraisal Group for accurate, reliable real estate valuation services with fast turnaround times. Their state licensed and certified appraisers are experienced with valuing all types of properties for mortgage lending, estate planning, PMI removal, and divorce and settlement disputes. Powered by SEO 2.0 Services