Overview of a Real Estate Appraisal

Appraisal
noun

1. the act of estimating or judging the nature of value of something or someone.
2. an estimate of value, as for sale, assessment, or taxation; valuation
3. an estimate or considered opinion of the nature, quality, importance, etc.

Above is the official definition of appraisal. An appraisal can mean different things and there are many different types of appraisals. Real Estate Appraisals are needed when a property needs to be valued. It is a report that looks at all aspects of the property and surrounding areas and gives a dollar amount to the value of a specific property. 

Some different types of Real Estate Appraisals are:

• Residential Appraisal
• Exterior Only Residential Appraisal
• Small Residential Income Property Appraisal
• Individual Condominium Unit Appraisal
• Two to Four Unit Residential Appraisal

There can be bad appraisals if the appraiser makes mistakes and does not take his or her time when evaluating the property.  Being an appraiser takes a lot of experience and time to perfect it and not make mistakes. You could also get an appraiser that is a poser and is not certified and does not follow the rules and regulations when doing the appraisal.

The view on appraisers means different things to different people. I believe that all around the opinion of real estate appraisers is good.  They are chosen to appraise a property and as long as they do their job accurately than they should have a positive view towards them.  I can see that if a customer has a bad experience with one or more appraisers that they will have a bad taste about appraisers. I cannot speak for other types of appraisers, such a personal property appraisers. 

Appraisers will always been needed even though information on the internet about properties will continue to grow.  Property owners will always be making improvements on their real estate, which in turn will eliminate the previous appraisal that was done on the property. Also, since appraisals are regulated that makes them more reliable and accurate when it comes to selling your home and trying to find out a reasonable asking price for your real estate.

Here is a website that has links to many different Real Estate Appraisal Forms, some of which were listed above.

Below is a video about Real Estate Appraisals and how the process is done.