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.
