What is the Role of an Ohio Real Estate Appraiser?

You’ve likely heard of an Ohio real estate appraiser; however, you might not know what their role is, or what the importance is in hiring one. They can have a drastic effect on the price point of homes and commercial properties for sale, as they establish the value of properties by calculating and considering a multitude of aspects.

The primary service that an Ohio real estate appraiser provides is determining the true value of a particular property. This is a complex, but not impossible task. Generally, they will visit the property and perform an inspection, starting with the outside. They will then go inside of the property, looking room by room for damage, structural soundness, and what is actually present. They will also make sure that the entire house is free from health code violations or safety issues; and will let you know what needs to be addressed before you’ll be able to apply for a loan. In addition to looking for problems, they will also look for amenities that the house offers, such as a swimming pool, hot tub, sauna, new bathrooms, new fixtures, hardwood floors, appliances that are currently in demand, and so on.

Once the Ohio real estate appraiser has finished the physical inspection of the location, they then take those notes and pictures and combine them with statistics of the area. How much have similar properties in the area recently sold for? Are there any amenities in the neighborhood which might raise the property value, such as a nearby emergency response station or being near a major road? All of these factors are considered when determining the final value.

Typically, the financing organization or loan provider will want an appraiser to be hired. If you are in need of an appraisal, it’s mostly because you want to buy a specific piece of property, which usually involves a loan. If a particular financer is going to invest their money in your project, they want to make sure that the property is in good shape and in a sound location; this way, they won’t end up with impossible repairs or a loan in default. For these reasons, they will request that an Ohio real estate appraiser ensures that everything is okay. They will often leave the choice of appraiser up to you or your Columbus real estate agent, but they’ll provide a list of recommended appraisers. The buyer is typically the party who pays for the appraisal service, but sometimes a seller will foot the bill if they want to back up their asking price.

While there are many aspects involve in the role of an appraiser; however, the ultimate goal is to find the most accurate value so that all involved parties can be satisfied.

The Robert Weiler Company is a professional Ohio Real Estate Appraiser, among offering a multitude of other real estate services. Contact them today to get started.