Appraiser


		Estimating a home's fair price An appraiser is a certified or licensed expert who states his or her opinion of the quality of the property and its fair market value—a price range a given property will bring, assuming neither buyer nor seller is under any extreme pressure to buy or sell. Lenders usually choose appraisers from a list of individuals connected with organizations like Appraisal Institute or National Association of Independent Fee Appraisers. The appraiser evaluates a home using three methods: Comparative market analysis, which the appraiser uses to find a typical selling price of a comparable home, not (necessarily) the highest priced home in the area Interviews with real estate agents and the appropriate government real estate tax personnel Touring the property, taking into account the square footage, floor plan, number of rooms and baths, upgrades, overall condition of the home and the neighborhood Keep in mind: • Although you pay the loan application fee, which includes the appraisal cost, the appraiser works for the lender, which uses an appraisal as a final qualifier for finalizing the loan. • If you question the results, you may want to engage your own appraiser for a second opinion. • Appraisers often work on a tight deadline, right before closing. If the appraisal comes in lower than the selling price, it could throw a monkey wrench into your loan approval process.