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What is an Appraiser? Why Should I Use One?<-- Return to News, Articles and ResourcesWhat's an Appraiser? An appraiser is a licensed professional who provides appraisal services for a fee. These professionals are often required to take courses and have undergone an extensive training period. In States where appraisers must be licensed, the appraisers must also pass a test, complete basic education requirements and adhere to continuing education guidelines. The majority of States also require that an appraiser "apprentice" under an experienced appraiser for a certain number of hours before performing appraisals on their own. What Does an Appraiser Do? An appraiser performs a number of tasks including an inspection of the home that he or she is appraising. The appraiser may also perform a thorough research of public records in order to obtain items such as a plat map, research zoning, flood data and review the sales and listings of similar homes in your area. When inspecting your home, the appraiser will make notes of any improvements and physical characteristics. After inspecting your home, the appraiser may take photos of comparable homes that have sold in your area. He or she then regularly contacts the agents that sold those homes to get more details pertaining to the sales of those homes. After the appraiser has collected all of the information he or she needs, they use it determining the value of your home. Using the information that the appraiser has collected, he or she will determine the market value of your home. What Are the Professional Standards for Appraisers? If an appraiser is licensed or certified by the state in which they conduct business, they are required to adhere to the Uniform Standards of Professional Appraisal Practice, which are determined by The Appraisal Foundation. The Appraisal Foundation is the nonprofit organization that establishes the Uniform Standards of Professional Appraisal Practice as well as the educational requirements for state licensed and certified appraisers. <-- Return to News, Articles and Resources |
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