what is a property appraiser? Property appraisers are people who are trained and supervised by an appraiser. Appraisals are made of two major parts: assessment and valuation. Assessment is how the value of a property is calculated and valuation is how it will be valued. Understanding these terms can help you understand what a property appraiser is.
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A certified residential appraiser is one who has been approved by the state to practice in this field. The appraiser is required to receive training from a certified residential appraiser before starting to do appraisals on any residential or commercial property. Appraisal is not just about making a judgment, it is also about coming to an accurate conclusion of the current value of a property. Real estate appraisals are often required for mortgage loans, when a home is purchased; to prevent foreclosures on homes and when selling a home.
Who can be an appraiser? Only a person who has passed the licensure exam is allowed to practice in this field. In Florida there is a licensed homestead exemption. In order to obtain this exemption a residential homestead exemption application must be filed with the county auditor. There is a minimum amount of equity that is required to be owned by an individual or individuals before they are granted the residential homestead exemption. This equity amount is $5 million.
What is a Property Appraiser?
If you want to hire an appraiser who is certified then the first step is to check his credentials. A licensed appraiser is one who is certified by the Florida Department of Financial Services. He is also a member of the National Association of Certified Appraisers. A real estate transaction is completed after approval by the bank or mortgage company. The home appraiser is responsible for communicating this decision to the seller.
Most lending institutions require appraisals to determine the market value of a home. The appraisals are usually based on market data such as average sales prices of similar properties in the area. Market data is used to determine the property appraisals that are used by mortgage lenders to approve or reject a loan application.
The appraisals are also used for determining what is owed on a mortgage and interest rates. Many times, these appraisals are requested by the government to determine the value of public property. Property appraisals are typically performed on residential properties. Commercial property appraisals are typically not performed as frequently.
An appraisal is usually utilized by a lending institution to determine the value of a home that is for sale. A third party, such as a real estate agent will also perform an appraisal prior to selling a Bay County property. Most times, the agent will obtain the appraisal from a licensed Bay County property appraiser. In some instances, a real estate agent may perform the appraisal on his/her own. If this occurs, an authorized officer who is a member of the Realtor Association will review the appraisal and make a determination of its market value.
A licensed Bay County property appraiser will make a thorough evaluation of a property that is for sale. This process will take many hours. This evaluation is required because it determines the amount of money that the lender will receive when a mortgage is initially taken out on a home. In addition to receiving a mortgage loan, a lender also receives a certificate of title in the event that the property is sold. The Bay County property appraiser is paid by the lending institution that provided the mortgage loan.
A certified real estate appraisal is required for several reasons. First, the entire length of a typical foreclosure process can take months. The lengthy process often requires that a home is listed with a Bay County property appraiser before the bank will sell it to a buyer. Once a lender obtains a certified appraisal, the bank is better able to ascertain whether or not a loan workout is possible.
Second, in the case of short sales, the homeowner may need to have a new appraisal performed. This is especially true if there was non-performing financing during the short sale process. In addition, many counties require homeowners to have their house appraised within a certain period of time after they default. In these cases, having an experienced, licensed real estate agent is critical.
These appraisers all use a mathematical formula to determine the value of a property. While these formulas are based on market data from similar properties in the area, the methods of calculation are different. Appraisals are typically done on an area-wide basis. This means a single property will be compared to neighboring properties in the same neighborhood for comparable prices and square footage. In most cases, it is impossible to use a mathematical formula to determine the value of a specific piece of real estate, like a single-family home.
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