Finance Marketing Business

Many people try to determine the values of their real estate by researching websites that value a home based on aggregate data collected through various means. While these online services can be quick and seem easy, computer generated reports can be grossly inaccurate. More often than not, computer data collected from outdated and often unreliable resources can cause issues when trying to determine a fair value of real estate in any specific market. These websites may be of some value in showing valuation trends, but can in no way replace the services of a local real estate appraiser.

Highly trained professional real estate appraisers, while more expensive, can effectively determine a home’s true value and also take into account variables a computer generated report can’t. Desirable factors such as a highly rated school system, economic development and surrounding neighborhoods can drastically affect a home’s value positively. Areas that are run down but in the midst of a gentrification process are unlikely to get a fair appraisal from a computer model, someone untrained or out of the area. Only a local appraiser will be familiar with rising or declining valuations and building trends in specified locations.

During a divorce or estate settlement, or to satisfy a lender’s requirements for a mortgage, hiring a professional real estate appraiser to correctly determine a home’s value can be critical. Selecting an experienced local appraiser that knows their market area and is well acquainted with the local trends can mean the difference between a spot-on appraisal and a skewed one. Appraisers from outside the area may inadvertently leave out some of the important factors that should be used to determine the home’s value, giving an inaccurate result.

Due to the difficulty of dealing with an ever increasing number of foreclosed homes, banks and other financial institutions are starting to hire real estate brokers to complete BPOs (Broker Price Opinion) instead of paying appraisers for a home’s valuation. Although BPOs are likely to be more accurate than computer generated reports in establishing a property’s value, there is a fair amount of controversy as to whether or not real estate agents have sufficient training to accurately complete these reports.

Uniform appraisal reports are more expensive than BPO services. Unfortunately, however, BPOs all too often leave out information that is crucial to determining an accurate value. Many lenders do not even require an in-depth inspection or interior inspection of a home, which begs the question: How can a realistic property valuation be arrived at without an on-site inspection?

Appraisers are required to complete a stringent course of training through accredited educational facilities before they are licensed or certified. In some states, appraisers must also complete an apprenticeship under a more seasoned professional prior to being permitted to value property independently. A good appraiser will look at all aspects of the property, including square footage, room count, types of rooms, condition of property, lot size, neighborhood trends and comparable properties in the area that have sold recently, as well as comparable properties currently on the market.

It takes longer to complete an appraisal compared to a real estate agent’s BPO or a computerized report. However, an appraisal report is far more in depth and lengthy. Every variable used to arrive at the valuation is clearly included in the final report.

Locating a qualified appraiser in your area is not a difficult task. Banks and lenders in your neighborhood can often refer you to reputable appraisers. Online searches or a look through the local yellow pages can also be helpful when looking for a professional appraiser.

In the San Francisco Bay and Central Valley areas, call on Market Appraisal Group for reliable, accurate real estate valuation services with quick turnaround times. Their state certified and licensed appraisers are experienced with valuing all types of properties for mortgage lending, estate planning, PMI removal, and divorce and settlement disputes. Powered by SEO 2.0 Services

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