Where to Get a Reliable and Cheap Home Appraisal

Part of the process of buying a new house is the home appraisal. If you want to buy a house, at some point, the property is going to have to be appraised. Sometimes an appraisal can be very expensive and just add that much more on to the closing costs. When you buy a home, closing costs are expensive enough. Therefore, you need to do whatever you can to lower the closing costs and save money. You also need to find an appraiser that is reliable and does what they say they will do. Here are a few tips to finding a reliable and cheap home appraisal.

Provide Your Own

The first thing that you need to do is make sure that you can provide your own appraiser. When you are working with a bank or mortgage company, you will often be expected to use whatever appraiser that they like. This means that the appraiser is more likely to adjust the numbers in their favor. You will also be forced to pay whatever the appraiser is used to charging the bank. In many cases, this is much more expensive than you could get on your own. Ask the bank to allow you to provide your own appraisal of the property by a certified real estate appraiser.

Get Quotes

In your local market, you will most likely have a few appraisers to choose from. You can look through the phone book and just start calling appraisers. Ask them for a fee schedule of their services. They should be able to give you a quote over the phone. If they can not give you a price, then you should probably stay away from them. You do not necessarily want to go with the cheapest quote. Just write down all of the prices and do some more homework.

Ask Around

Once you get some price quotes, you will want to ask around about them. Talk to your family, friends, and co-workers about who they have used for an appraiser in the past. Many times, they will be able to offer the name of someone that they like. If you are working with a real estate agent, they will often be able to offer up some names. Some of them even have a discount program set up with a local appraiser. Therefore, if you use the appraiser that they recommend, you might get a discount from the regular rate.

In addition to getting the best price from this method, you will also be able to find out if they are reliable. Most of the time, someone is not going to recommend an appraiser if they are not reliable. If they do not do a good job, then they will not get many recommendations, especially from real estate agents. Real estate agents are only going to recommend one of the best in the area. Their reputation partly depends on the quality of the people that they recommend as well. 

Appraised Value

The appraised value of a piece of real estate is the value of the property according to a real estate appraiser. When engaging in a real estate transaction, most lenders will require that an appraisal is done on a subject property. The appraiser will evaluate the property and use several different methods to come up with a market value for it. For example, the real estate appraiser will most likely compare it to other recently sold properties to get a fair value. Many times, the loan value of a mortgage will be based on the appraised value of a property.

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