There are lots of individuals who call themselves appraisers but who are not qualified and have no formal training. It is important to use a qualified appraiser from a reputable organization.
Make sure the real estate appraiser is licensed or certified by the state to perform real estate appraisals. Some states do not require a certification to do property appraisals. If you want to buy or sell real estate property, then you need to get quality appraisals and excellent service.
It is not recommended to use the services of an unapproved or certified appraiser. Do not be afraid to ask a reviewer for a copy of their license. The evaluator will easily provide this documentation.
Ask how much work is not done for the lenders. A high number is a good indication that they are not simply generating predetermined values.
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If all their work is done for the lenders, ask how many times they have come below the selling price. If the answer is never – find someone else. The law requires that evaluators remain impartial.
Real estate appraisers have a professional designation. The most well-known industry designations are SRA (Residential Valuator) and MAI (Generally Commercial Valuator) and SRPA (Senior Real Estate Valuator).
These designations are issued by the Evaluation Institute. These designations demonstrate the evaluator's commitment to continuing education and ethical standards.
The professional designation may or may not be a good test of quality, but the appraisal institute's SRA, MAI and SRPA designations are rightly the most respected in the profession.