All You Need to Know About Real Estate Appraiser
- June 26, 2019
- Business and Management
- No Comments
When the market value of your real estate property is required, the real estate appraiser will be contacted. One person who will ask for an assessment will be a mortgage lender when someone asks for a home loan. Assessment will help determine accurate property values. Market value is the estimated value of what a house can sell if it is placed for sale.
If the buyer submits a home mortgage to buy a house, the property will function as collateral. If the loan is bad, the lender will sell the house to get back part or all of the loaned money. To get the best Appraisal for your business you can click on an 'appraisal of commercial property' (which is also known as ‘vurdering av nringseiendom’ in the Norwegian language) from various online sources.
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When a real estate appraiser is asked to make an assessment there are two different methods that can be used to determine the value of a house.
• The first method – comparing properties that will be valued at the recent selling price of houses that is comparable to those in this area.
• The second method – this method is used primarily for newly built homes where there is no consistent or reliable record of comparable sales in the area. When real estate appraisers use this method, they will determine the cost of replacing the property if it is destroyed.
Being an assessor, they have jobs that are in great demand because of the unique skills needed to have this job. Some may work with insurance companies, tax assessors, real estate lenders, or work alone. This person evaluates the residential, agricultural and commercial property.
To become licensed there are minimum requirements recommended by the Foundation for Assessing Licensed Housing. You must have ninety hours of education and two thousand hours of experience.
Usually, you don't need a college degree to become a real estate appraiser. Each state will determine its own requirements regarding the number of hours of education and experience needed to obtain the license and test licenses that need to be taken.