A real estate appraisal helps in determining the estimate value of a commercial or residential property such as house, vacant land, shops, condominium etc. An antique appraiser is generally used in sale and purchase of property and is also used in refinance transactions. In case of sale and purchase of a property, professional appraiser helps in knowing if the contract price is appropriate as per the given the home's conditions, location and market trends. Some of the common services offered by an estate appraiser are as follows:
· Residential and commercial valuation estimates
· Estate planning and settlements
· Dispute resolution including divorce, estate settlements, property partition, foreclosures and zooming issues
· Market trend and trend studies
· Cost/benefit analysis for instance, it is conducted for knowing the financial remodelling of a property
· Land utilization studies
When property serves as collateral for the mortgage, lenders want to make sure that they are now over borrowing for a property. In case of refinance transactions, appraisers help in assuring lender that he of mortgaged property. Appraisals are significant in many other transactions including sales, purchase, lending, resolving legal issues, divorces and property taxes.
Estate appraisals play a crucial role in estate planning. When estate appraisal is conducted during the planning, it provides standard of value for the estate, so that future appraisals with show either rise or fall in the standard value of the property. It is always good to plan ahead for distribution or donation of the estate.
Whether one is looking to buy residential or commercial market property, buy a home, assess the equity built up or considering applying for a loan, it is essential to know the fair market value of your property from time to time. In order to evaluate the value of property, first of all it is important to know the need and purpose of knowing the value of a property. Secondly, it is important to hire professionally qualified and certified art appraiser to know the right value of the property.
In order to conduct property appraisal, a certified appraiser consider the following points:
· The type of property
· Features of the property
· Improvements made in the property
· Comparable
· Sale with involvement of financing
· Age of Property-
· Size
· Depreciation
Finding a qualified appraiser
In order to reap benefits out of professional appraisal, one must carefully choose the professional appraisers:
· One should look for certified appraiser licensed by state for providing his services
· Your chosen appraiser must be an objective third party having no financial or other connection to any person involved in the transaction to hire certified appraisal through appraisal companies. These companies pool together professional appraisers having expertise in various fields such as auto appraiser, boat appraiser, estate appraiser etc.