Why Get an Appraiser?
What is an Appraisal and Why You Should Get One?
An appraiser, such as St. Johns Appraisals in Soddy Daisy, TN, is a skilled and licensed professional who offers a fair and unbiased assessment of the value of real estate. In addition to legal problems like divorce and estate planning, they are essential in various real estate transactions, such as purchasing, selling, refinancing, and mortgage underwriting.
Some of the common reasons you’ll want to get an appraiser include:
Real estate transactions
Refinancing
Estate planning
Insurance
Legal disputes, including divorce valuation
And more.
Ethics an Appraiser Follows
Ethics are fundamental in the appraisal profession as they are expected to have a high standard of professionalism. Some of the ethics appraisers uphold include the following:
- Impartiality to remain unbiased about the property.
- Competence to ensure they have the necessary training.
- Integrity and honesty to accurately value your property.
- Professionalism to ensure the appropriate methods are used and have clear findings.
- Avoiding conflicts of interest to avoid bias when looking at a property.
Appraiser Jargon to Know
Adjustment
An adjustment is a modification to the value of a comparable property when comparing to the subject property (your property).
Inspection
An inspection is an interior and exterior examination of the property to identify relevant property characteristics.
Comparable
A comparable sale is a recently sold home in your area that’s similar to your home in location, size, condition, features and design.
Drive-by Appraisal
A simplified appraisal where only an exterior inspection is performed.
Value
This is the monetary relationship between properties and those who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time.
Latent Defects
These are defects within your property that can affect the market value and are not easily identified.
Subject
A subject is a property that’s being appraised.
Obsolescence
Features that can render the property you have less desirable or unsellable.
Abbreviations to Know
GLA: Gross Living Area – the sum of floor space, including stairways and closets
MLS: Multiple Listing Service – the listings of all properties on the market
URAR: Uniform Residential Appraisal Report – the form lenders need for a full appraisal
USPAP: Uniform Standards of Professional Appraisal Practice – standards for appraisal practice