If it’s your first time working with an appraiser or you haven’t had the chance to work with one for a long time, you need to know, not only has much changed but you must understand that not all appraisers are created equal. That being said, your journey with an appraiser can differ depending on their education, years of experience and familiarity with the market in your area.
Many people have an appraiser horror story to tell because they opted to go for the cheapest appraiser in the lot. If you have the chance to ask them now, they would tell you that it’s just not worth the risk.
I know that it can be extremely tempting to go with a low fee appraiser, however keep in mind that an accurate property appraisal is extremely important in any transaction that requires it and when it comes to hiring a professional appraiser, you usually get what you pay for!
Saving a few dollars now for a low-quality appraisal because you opted to go with the cheapest appraiser could end up costing you tens of thousands in the long run. When trying to work with a budget, an appraisal is definitely something to put under the splurge instead of the save column.
In making sure that you’re hiring a quality appraiser, the first thing you do is ask for referrals from people or real estate professionals you know and trust. You can also look online for appraisers and start your search from there.
Remember to always pre-screen an appraiser. Any appraiser who’s not willing to answer a few questions for you up front or claims their reputation should speak for itself is probably not someone you want to work with.
An appraiser’s certification number is also always something to ask for besides his/her full name and telephone number. This let’s the appraiser know that you mean business and also raises a red flag for you if they don’t know or they’re not willing to share this information with you.
An appraiser with a minimum of 10 years experience in the local market area is ideal. Also, avoid hiring appraisers who have been caught cutting corners or those that have been sanctioned in the past for various reasons.
Finally, never hire an appraisal trainee unless a fully certified mentor is involved in the appraisal process and final analysis of the property. Save yourself from experiencing your own appraiser horror story and learn from the mistakes of those before you when choosing an appraiser that suits your needs.
