Are you a first time buyer looking for your perfect home in Champaign, IL? If so, you may wonder what a home appraiser does. Home appraisers are a necessary part of your real estate transaction and it is important to know exactly what the appraiser's responsibilities are.

One of the most common misconception about appraisers is that they work for the home seller. Actually, appraisers are hired to be impartial and provide an accurate "value" to your home in order for lenders to determine if the collateral supports the debt. These same lenders are also putting a lot of pressure on appraisers which result in higher than market value home appraisals.

If you are buying or selling a home it is a good idea to do some research on the role of appraisers and how they effect you.

Below are some quick facts your should know about the appraiser and the process:

•Appraisers are licensed by individual states after completing coursework and internship hours that familiarize them with their real estate markets.

•The lender might use an appraiser on its staff, or contract with an independent appraiser. If you are allowed to choose the appraiser, and it isn't someone the lender is familiar with, the results might be subject to review before they are accepted.

•The appraiser should be an objective third party, someone who has no financial or other connection to any person involved in the transaction.

•The property being appraised is called the subject property.

•You will probably pay for the appraisal when you apply for your loan.

What You'll See on a Residential Appraisal Report

Appraisals are very detailed reports, but here are a few things they include:


•Details about the subject property, along with side-by-side comparisons of three similar properties.

•An evaluation of the overall real estate market in the area.

•Statements about issues the appraiser feels are harmful to the property's value, such as poor access to the property.

•Notations about seriously flawed characteristics, such as a crumbling foundation.

•An estimate of the average sales time for the property.

•What type of area the home is in (a development, stand alone acreage, etc.).

 

Contact us if you have any advice or experience with home appraisers that you would like to share that might help local homebuyers!

 

 

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