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How to Select a Real Estate Appraiser

Posted March 20, 2010 by Matthew Denton

Some valuable tips to help you make an important choice

Much like what you do when selecting a real estate broker, hiring an appraiser isn’t a walk in the park. With thousands of professionals who’d come knocking at your door when you give them a call, how do you spot the most qualified person for the job?

The appraiser must carry a professional designation. A State Licensed Real Estate Appraiser carries enough educational requirement and professional experience in the field. The best in the industry carry designations from appraisal institutes such as SRPA, SRA and MAI that require more rigorous testing to achieve the desired qualifications.

The appraiser must not be afraid or apprehensive of presenting his or her license to the homeowner if the latter demands for it. Besides, it is the homeowner’s duty to check with the government issuing agency if the license is still active and in good standing.

The appraiser must have deep knowledge in the property’s neighborhood. Not only will it ensure a more reliable appraisal report but it can save time and effort in determining the real value of the home. Local experience is a big advantage for any professional offering his services.

The appraiser must have appraised similar properties recently. Not only will a good knowledge about the neighborhood be an appraiser’s edge. Knowing the qualities of your home is a sure key towards a more dependable property appraisal.

The appraiser must protect the confidentiality of the homeowner-appraiser relationship. Any factual data must not be shared to any unauthorized party during and after the assignment.

The appraiser must exhibit proper conduct throughout the assignment. He or she must be objective and independent when performing the appraisal. Any factor that can lead him or her to a biased report must not be entertained from the beginning. 

The appraiser must not accept any compensation that can influence the appraisal report. Anything that can thwart a true opinion of value must be avoided.

The appraiser must disclose to the homeowner if he or she does not have enough knowledge about the project. It is unethical to accept an assignment that does not fit in the qualifications of the appraiser. It the appraiser has already began the project and meets impediments along the way, he or she must device a strategy on how to solve it.

The appraiser must ask you a ton of questions to better understand a property’s qualities. He or she must be able to find out the things that can add value to your home and any changes that need to be done to keep a low value.

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