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Appraiser

Appraiser

What is an Appraiser?

Appraisers assess the fair market value of a property. There are licensure requirements for appraisers and they need to complete a certain number of hours as a trainee. This is to ensure the value of the home closely reflects reality.

In real estate investing, appraisers are important to the loan process. The lender relies on the information provided by appraisers to determine how much they'd be willing to lend. They typically look at the attributes of a home (eg. bedrooms, construction date, etc.) and adjust it based on relevant comparable home purchases.

Investors can order an appraisal multiple times. Typically, an appraisal is ordered when there is a expected change in the home value. For example, if the property investor put money into the property to fix it up, it can drastically change the value of the home.

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