Getting an appraisal is a vital step when buying, selling, or refinancing luxury homes in Florida. This is one of the ways to determine your property’s value, based on criteria like your house’s condition and comparative rates of nearby real estate properties. A lender will usually require a home appraisal prior to the approval of your home’s financing.
Anyone involved in a certain real estate transaction can request for a home appraisal. You also have to find a person for the job who will be qualified and impartial to ensure a fair assessment of your home.
If you own one of the many luxury homes for sale in Florida, here are some tips for hiring the most qualified appraiser for the task:
Know their expertise and specialization
Find someone with significant experience and who specializes in appraising your property type to lend more credibility to the results of their evaluation. Many of these appraisers have websites that you can visit so the internet is one venue where you can find one with the expertise for handling appraisals for your luxury home. Due diligence is the key.
Ask recommendations from real estate agents
Request referrals from real estate agents. They usually have a vast network of industry affiliates, so it is most likely that they will have connections among reputable home appraisal companies from your locale.
Check your appraiser’s license
Make sure to check for a license from the appraiser you’re considering for the job. While a license or certificate doesn’t measure quality, you know that the person you are hiring adheres to specific standards and is authorized to undertake property appraisals.
There are two types of licenses presented to qualified appraisers:
- Certified Residential – for those specializing primarily in residential properties
- Certified General – for those authorized to evaluate all kinds of real estate, from luxury homes in West Palm Beach to commercial and industrial properties.
An appraiser may have a license but also check if it is an active one. Visit the Appraisal Subcommittee’s National Registry for more detailed and updated information about the appraiser you’re considering for the job.
Inquire about memberships and professional designations
Most seasoned real estate appraisers have a professional designation. The more popular industry designations are the Senior Residential Appraiser (SRA) and the Member Appraisal Institute (MAI). Issued by the Appraisal Institute, these titles are proof of the appraiser’s dedication to ethical standards and higher education. Other designations include:
- SRPA Membership Designation
- AI-GRS Membership Designation
- AI-RRS Membership Designation
- SREA and RM Membership Designation
Ask about your appraiser’s experience
It is a marked advantage if an appraiser you hire has direct knowledge of the West Palm Beach area and the values of real estate here. They will also know about neighborhood details such as fire departments, school districts, and new developments that could affect the area’s property values.
You can also ask about the appraiser’s previous experience with a home similar to yours. Once again, apart from asking, doing research on the appraiser’s previous clients and transactions and asking around can tell you a lot.
Interview different appraisers
Conducting interviews of several appraisers on West Palm Beach and their knowledge of luxury real estate will tell you which among them is the most capable and detailed in evaluating a home. On top of certification, licenses, and training, you can also ask questions such as:
- Will I receive a preliminary report copy?
- What qualifies you to assess my property?
- Are you a member of any appraiser organization?
- How will you produce the report?
Seek references
While interviewing your appraiser, you can ask them for references. Apart from the ones they provide, their respective websites may also show testimonials from previous clients. Consider this as a red flag if the appraiser cannot provide these.
You can also ask for recommendations from family and friends who had previous dealings with appraisers in your area. Their recommendations and feedback can also help to determine if this appraiser is the right fit for the job.
In conclusion
The right home appraiser is most likely just around your corner – literally. Having worked in your locality for a good number of years, this person will be familiar with the nuances of the neighborhood and the specific property type. And with the proper licenses, industry designations, and positive client testimonials, you can be assured of reliable evaluation results. Moreover, their report can give you the most accurate figures that will help you determine how much your home is worth.
Are you interested in The Club at Ibis real estate? Let Eric Telchin and The Telchin Group assist you with your home buying and selling. Reach out to the team today – call them at 561.301.0249 or send an email to Eric(at)TheTelchinGroup(dotted)com.