When you’re in the process of buying or selling a property, one of the critical steps, particularly if there’s a lender involved, is the appraisal. Now, unless you’re paying cash (which many of us dream about, but let’s be real, isn’t always feasible), the lender will most likely require an appraisal. But what exactly does an appraiser do, and why is their role so significant? 🤔

Understanding the Appraiser’s Role

The appraiser’s job is to come to the property, verify the address, and compare it with similar properties in the area. This is especially crucial if you’re dealing with a new build. The appraiser will provide their professional opinion on what your property is worth or should be sold for. This opinion isn’t pulled out of thin air—it’s based on a combination of the property’s condition, location, and comparable sales in the neighborhood.

However, it’s important to note that appraisals can sometimes be subjective. We’ve all heard stories where the appraiser’s opinion seems to be influenced by factors other than the property itself, such as the people who live there or own it. 😒 While I’m not saying this happens all the time, it’s something to be aware of, especially if you believe the appraisal you receive doesn’t reflect the true value of your property.

When Appraisals Go Awry

In my personal experience with an investment property, the appraisal didn’t quite hit the mark. The properties used for comparison were within the required distance and sold within the appropriate timeframe, but they weren’t the best representations of my property’s value. 🏠

I knew something was off, so I took matters into my own hands. I questioned the validity of the appraisal approach and was able to get the number changed. This wasn’t a simple process, but it was necessary to ensure that the appraisal accurately reflected the market and the unique qualities of my property. The real estate market fluctuates, and values can change, but it’s crucial to remember that you, as the property owner, have the power to challenge an appraisal if you feel it’s not accurate.

Why Working with a Realtor Matters

This brings me to an essential point: working with a realtor. I know there’s a trend where some buyers think they can handle everything online and skip the realtor. But let me tell you, having a realtor on your side can be invaluable, especially when dealing with appraisals. Realtors have the knowledge and expertise to review appraisals, inspections, and other critical elements of a real estate transaction. They can spot discrepancies and help you challenge anything that doesn’t seem right. 👩‍💼

In sophisticated markets, some buyers may be savvy enough to go it alone, but for most of us, having that expert advice is worth every penny. As an attorney, I don’t usually handle this part of the process for my legal clients, but when it’s my own property on the line, I make sure to take the time to do what’s necessary to protect my investment.

Final Thoughts

So, what’s the takeaway here? Don’t be afraid to challenge an appraisal if it doesn’t make sense. You have the right to question how the numbers were calculated and whether they truly reflect the value of your property. 🏡✨

Remember, your real estate transaction is a significant investment—possibly one of the biggest you’ll ever make. So, it’s worth doing everything you can to ensure that every aspect, from the appraisal to the final sale, is handled with care and attention. Don’t be afraid to stand up for your property and its value.