What is the Role of an Ohio Real Estate Appraiser? Tuesday, June 16, 2015
You might be searching for an Ohio real estate appraiser; however, you may not know what the role is of an appraiser or the importance of 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. An appraisal is a complex, but not impossible task. Find out some of the specifics, below.
Focus #1: Physical Inspection of the Property
Generally, the real estate appraiser 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. The property appraiser will also make sure that the entire property is free from health code violations or safety issues; they’ll even let you know what needs to be addressed before you’ll be able to apply for a loan. In addition to uncovering potential problem areas, the appraiser will also look for amenities or features that the property offers. For houses, this may include a swimming pool, hot tub, sauna, new bathrooms, new fixtures, hardwood floors, and new appliances. For commercial real estate for sale, this may include updated exterior and interior, new or updated furnishings, updated accessories, and unique building features.
Focus #2: Analysis of Local Area
Once the Ohio real estate appraiser has finished the physical inspection of the property, they then take those notes and pictures and combine them with statistics of the area. How much have comparable 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 having easy access to a major road? All of these factors are taken into consideration when determining the final property valuation.
Who Typically Pays for the Real Estate Appraiser?
Typically, the financing organization or loan provider will want the buyer or seller to hire a real estate appraiser. Assuming you are in need of an appraisal, it’s probably because you want to sell or buy a specific piece of property. If the latter, then the purchase will usually involve a loan. If a financer is going to invest in your project, they want to make sure that the property is in good shape and within 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 everything is okay. They will often leave the choice of appraiser up to you or your real estate agent; however, they may provide a list of recommended certified real estate appraisers. The buyer is typically the party who pays for the real estate appraisal services; though, sometimes a seller will foot the bill if they want to back up their asking price.
Free Consultation from Ohio Real Estate Appraiser, The Robert Weiler Company
There are many aspects involved in the role of an appraiser; however, the ultimate goal is to find the most accurate value so that all parties are satisfied.
The Robert Weiler Company is a professional Ohio real estate appraiser; we also offer a multitude of other commercial real estate services. Contact us today for a free consultation: 614-221-4286.