Whether you’re interested in purchasing a home, or you’re selling one of your own, an appraiser can be an indispensable tool.
The appraiser’s job is to determine the value of the property and there are a lot of factors that can influence the outcome. The appraisal takes a few hours, and if you want to get top-dollar for your home or ensure that you’re not overpaying for one you want to buy, hiring a good appraiser is key. Don’t leave it to guesswork!
What is it?
So, how do you know an appraiser is qualified? If you’re a buyer, your lender will usually choose an appraiser from a list of qualified individuals that they work with. If you’re a seller, make sure that the appraiser you’re hiring is properly licensed and certified. Not every state requires certification and a little research can go a long way.As far as paying your appraiser goes, most loan agreements include a fee that covers an appraiser for individuals looking to buy a home. In cases where a loan agreement does not cover the cost of an appraiser, the buyers will pay the appraisal fee in the closing costs.
For those selling a home, it is often wise to pay an appraiser out-of-pocket to back your selling price. As far as price goes, the fee for an appraiser can run anywhere between $300 and $600, but you could lose thousands if you devalue your property!