What Is An Appraisal?
It is a professional and completely unbiased opinion of the value of someone’s home or business property. That opinion is typically reached after a thorough inspection is done.
For What Purpose Would They Need This?
Most frequently it is done when the owner wants to sell the property. It is also possible someone will need a second mortgage or a loan based on the value of the property. Those are also instances where an appraisal can be called for.
What Factors Go Into An Appraisal Decision?
The hired appraisal service person will look at its condition, specific features, and its location. Other factors include the lot size, any additions or upgrades, and comparisons to similar properties in the community.
What Role Does An Appraisal Service Play?
It is a company that specializes in performing the actions of an appraisal. An example would be Cooksey & Associates. When an appraisal is needed for whatever reason, this is the type of firm that gets it done.
What Qualifications Does Such a Firm Have?
Any appraisal company is obliged to conduct their services in accordance with State and Federal Regulations. There are ZERO exceptions to this rule. Every professional appraiser must have a college degree and be certified by the state they are in.
Where Can Somebody Find An Appraisal Service?
All they need to do is perform a search on the Internet. It is also possible that the lender of the loan that is sought after has someone they work with. It is a good idea to check on the credentials of the firm prior to hiring them. Good luck with your search!