Sick of Bad Appraisals? Discover the Right Property Appraiser!

Picture this: you're in the middle of a large property transaction, whether it's buying, selling, or refinancing. Everything's going smooth until the property appraisal comes in, and it turns into frustration. Sound familiar? Well, you're not alone.

Property appraisals can make or break a deal, causing headaches you don't need. But here's the good news – you can take control and ensure you're choosing the right property appraiser. In this article, we're going to equip you with the knowledge to avoid those appraisal nightmares.  

Signs of a Bad Appraisal

Let's start by discussing the signs of a bad appraisal. It's crucial to know what you're up against.  It is important to note, an appraisal is not considered “bad” by industry standards simply because it came in lower or higher than you expected.  It is about having a credible report that is supportable using market research and factual data.

1. Factually Incorrect Information: If you get an appraisal you feel is way off the mark and leaves you scratching your head, first check for factually incorrect information.  Was there an area of the home that was missed, such as a finished attic?  Were all the bathrooms accounted for?

2. Lack of Local Expertise: Did the appraiser have local expertise or did they travel a great distance to an area less familiar?

3. Rushed Job: Did the appraiser seem like they were in a hurry and deliver a sloppy report?  This can be a cause for factually incorrect information as well.  If the appraiser did not spend adequate time looking at your home and taking measurements there may have been areas which were missed.

The Consequences of a Bad Appraisal

Now, let's talk about what happens when you get a bad appraisal:

1. Financial Losses: An inaccurate appraisal can lead to financial losses if you're selling below market value or paying too much as a buyer. Imagine leaving thousands of dollars on the table because of a poor appraisal. Ouch.

2. Transaction Delays: You might encounter delays in closing the deal due to appraisal disputes or discrepancies. Your dream home or that much-needed sale gets postponed, and time is money, my friend.

3. Frustration and Stress: Dealing with a bad appraisal can be incredibly frustrating and stressful. You're left wondering how this could happen and what to do next.

Why Choosing the Right Property Appraiser Matters

Here's the deal – choosing an appraiser that fits your needs can make your life a whole lot easier. Here's why it matters:

1. Save Time: The right appraiser can save you time by providing an accurate valuation from the get-go. No back-and-forth, no disputes, just smooth sailing.  Documenting all the information correctly with regard to the house and detailing it within the report.

2. Save Money: You'll avoid overpaying for a property or underselling your prized investment if the appraisal reflects accurate information.  Your hard-earned cash stays in your pocket where it belongs.

3. Avoid Headaches: No more appraisal-related headaches or delays in your transactions. Your property journey becomes less stressful.

Step-by-Step Guide to Finding the Perfect Property Appraiser

Now, let's dive into the nitty-gritty of how to choose the right property appraiser. Here are some foolproof steps to follow in order to hire an appraiser:

Step 1: Research, Research, Research

Dive into online resources, directories, and ask friends or family for recommendations. Don't underestimate the power of word-of-mouth referrals.

Research appraisers with expertise in your specific property type and location. A midtown specialist might not be the right fit for valuing a rural farmhouse.

Step 2: Ask the Right Questions

Interview potential appraisers and ask critical questions. Don't hold back. This is your investment, and you deserve to understand the process.

Inquire about their qualifications, experience, and certifications. You want someone who understands the market.

Step 3: Check References and Reviews

Seek references and read online reviews. Get a feel for their track record. Past clients' experiences can tell you a lot about what to expect.

Make sure their past clients have positive experiences. If you see red flags or a trail of disgruntled customers, it's time to move on.

Step 4: Verify Local Expertise

Ensure your chosen appraiser understands your local real estate market. Someone from out of town might not get the nuances of your market area.

Local expertise is invaluable for accurate valuations.

Step 5: Compare Fees

Don't just settle for the cheapest option. Compare fees alongside qualifications. Remember, you get what you pay for.

Keep in mind that some lenders may have their own list of approved appraisers and you may not be able to choose your appraiser directly.  If you're financing your property, check with your lender for their recommendations.

Red Flags to Watch Out For

While you're on the hunt for the right appraiser, keep an eye out for these red flags:

• Unwillingness to Answer Questions: If they dodge your questions, it's a warning sign. You need someone who's transparent and willing to communicate.

• Lack of Credentials: Be wary if they lack essential certifications and qualifications. You want a pro who's legit and up-to-date with industry standards.

• No Local Knowledge: An appraiser who's clueless about your market area is a no-go. 

• Too Good to Be True Fees: Unrealistically low fees could mean corners are being cut. Remember, a thorough appraisal takes time and expertise. If they're doing it on the cheap, you'll likely get what you pay for.

Qualifications and Certifications

When you're checking an appraiser's qualifications you are confirming they’ve  invested in their education and demonstrated their commitment to delivering top-notch service.  If you're needing an appraisal outside of a mortgage loan, you may ask your local lender who they recommend.  Lenders see hundreds of appraisals and can vouch for the appraiser who provides quality reports.

The Importance of Local Expertise

We can't stress this enough – local knowledge is a game-changer. A property appraiser who knows your area inside out can deliver a valuation that is credible. They'll understand the local market trends, the characteristics of your market area, and most importantly have access to relevant sales and information to provide a credible appraisal. 

So, when you're interviewing potential appraisers, make sure they can navigate the local landscape with ease.

Comparing Appraiser Fees

While fees are a factor, don't make them the sole focus. A low fee might mean cutting corners, which can lead to a less credible appraisal. It's essential to strike a balance between affordability and quality. 

Remember, a thorough appraisal takes time and expertise, and you want a real property appraiser who puts in the necessary effort to provide an accurate valuation.

Checking References and Reviews

Don't underestimate the power of references and reviews. They're like a sneak peek into an appraiser's track record. When you speak with potential appraisers, ask for references from past clients. 

Reach out to these references and ask about their experiences. Did the appraiser provide an accurate valuation? Were they professional and easy to work with? Did the appraisal contribute helpful information for the transaction decision?

Online reviews can also provide valuable insights into an appraiser's reputation. Look for patterns in reviews. If you consistently see positive feedback and satisfied clients, it's a good sign. On the other hand, if there are recurring complaints about unprofessional behavior or a lack of competence, proceed with caution.

Wrapping Up Your Property Appraiser Search

To sum it all up, take your time, do your homework, and don't rush the process of choosing the right property appraiser. With the right pro by your side, you'll avoid the headaches and hassles of bad appraisals. You'll gain confidence in your property transactions, whether you're buying, selling, or refinancing.

Now that you're armed with the knowledge and steps to make sure you're choosing the right property appraiser. Don't let a bad appraisal ruin your property transactions. Take control, do your research, and get that valuation you deserve. Your property journey just got a whole lot smoother. 

Ready to make the right choice? Contact us today, and let's ensure your next appraisal is a success!