When you’re thinking of buying a home in Arlington, there are often two sides involved; what the seller is asking for and what the property is really worth. And, that’s where an appraiser comes in.
Is the home priced too high? A real estate appraisal can help you determine whether the amount being asked is fair or a rip-off.
The job of an appraiser is to determine the current value of a property for the potential buyer. This is often done during an on-site inspection, where the appraiser will:
- Conduct a room-by-room walk-through to appraise the condition of the interior
- Walk around the property for an appraisal of the exterior condition
- Appraise the value of any amenities in the property such as swimming pool, finished basement, built-in bar, etc
- Note any safety or health code violations for the appraisal report
- Record the layout of the property, inspect the square footage, and determine if it’s a single-family home.
- If you’re looking at commercial real estate, the appraiser may do a business valuation to determine the market value in a similar manner.
- Off-site, the appraiser may also evaluate the current real estate market, considering similar properties in the area, to evaluate the home’s value or fair market value of the property.
An appraiser is important because he/she will help you know what your home or/and real estate is really worth and will also get your loan approved. An appraiser is usually chosen and hired by the lender or financial organization.