
Whether you are buying a property, selling a property, refinancing, or involved in legal matters related to property, you need a real estate appraiser. The appraiser’s help can go a long way in making these transactions smooth and less stressful.
When it comes to hiring a New York real estate appraiser, you need to ensure that you choose the right appraiser. However, choosing the right appraiser can be challenging, and you might make inevitable mistakes that cost you a lot. Here are some essential do’s and don’ts to guide you through hiring a real estate appraiser.
The do’s when hiring a real estate appraiser
- Do verify credentials
When hiring an appraiser, credentials are one of the most important things you must pay attention to. You must confirm if the appraiser is licensed and certified in your state. Remember that licensing generally varies from one state to another. A valid license indicates that the appraiser has met educational and experience requirements. The best way to verify the appraiser’s credentials is through your state’s licensing board.
- Do ask for experience
The appraiser’s experience matters a lot for the outcome of your situation. So, for instance, if you want to sell or buy a property, you should choose an appraiser with specific experience in appraising the type of property you own or wish to purchase. If you are dealing with a commercial property, the appraiser should have extensive commercial estate experience.
- Do check for references
When hiring an appraiser, it is advisable to ask for references from previous clients or professionals in the real estate industry, such as real estate agents or brokers. This can give you insights into the appraiser’s professionalism and accuracy. Failing to ask for references is a mistake that can cost you a lot in the long run.
- Do request for a sample appraisal report.
Don’t sign a contract with an appraiser without checking their recent appraisal report sample. Asking for a sample appraisal report and reviewing it can help you gauge the quality of the appraiser’s work, their attention to detail, and their ability to explain the valuation process and results clearly.
- Do clarify fees upfront
It is also advisable to discuss the appraiser’s fees upfront and ensure that they are reasonable and you are comfortable with them. While the appraiser’s fees generally vary depending on property type, location, and complexity, it is essential to agree on a fee structure before the appraisal begins. This prevents any unexpected costs or misunderstandings.
Don’ts when hiring a real estate appraiser
- Don’t rely on recommendations alone
Hire an appraiser based on their qualifications, experience, and reputation, not just based on referrals from real estate agents, lenders, or friends.
- Don’t choose based solely on price.
Opting for the cheapest appraiser can lead to inaccurate or incomplete appraisals, as they may lack the necessary experience or cut corners. Quality and expertise are more crucial.
- Don’t overlook specialization.
If you need specialized valuations, hire a specialized appraiser for specialized valuations, such as historic property appraisals, as they understand unique factors affecting the property’s value.
- Don’t accept a verbal estimate.
A written report is crucial for legal or financial transactions. It provides detailed explanations of the value determined, unlike verbal estimates, which lack necessary detail and documentation.