Real estate transactions include buying, selling, and refinancing a property. Sounds easy enough, doesn’t it? Well, in reality, there’s a lot that needs to go right for you to make a fruitful and profitable transaction. One of them is getting an accurate appraisal, which can influence mortgage approval, selling price, and property taxes.
Seeing how important this entire process is, instead of playing the guessing game with your property, you can hire an expert appraiser to give you exact numbers. As per numbers, there are over 64,000 real estate appraisers around the United States. Does it mean all of them are experienced enough to give you an accurate real estate appraisal? The answer is no. To make sure you’re hiring the right Baltimore certified residential appraiser, here are five must-ask questions. Let’s begin.
Are You a Licensed and Certified Residential Appraiser in Maryland?
To become a licensed professional, appraisers in Maryland must meet strict criteria. Achieving the certification means the professionals are qualified to appraise residential properties for mortgage lending and other financial purposes.
That’s why, before starting the process, it’s important to ask whether the appraiser is licensed in Maryland or not. This helps you protect against inaccurate valuation and delays in real estate transactions.
How Familiar Are You with the Baltimore Real Estate Market?
The property market in Baltimore might not be the same as in other parts of the United States. Each area has its own unique property style, audience preference, and market trend. That’s why it’s important to ask the appraiser whether they have worked in the Baltimore market enough to understand the different considerations to keep in mind. Appraisers equipped with such local knowledge can provide a more accurate estimate.
What Documents or Preparations Do You Recommend Before the Appointment?
An appraiser can’t just look at a property, along with the neighborhood, and say, “This property is worth ___ much.” They need prior documentation with accurate information. Make sure to ask the appraiser about the type of documentation required to ensure an accurate appraisal. Generally, the types of documentation that are needed include:
- A list of recent home improvements (with dates and costs)
- HOA details, if applicable
- Copies of previous appraisals or tax assessments
- Access information for all areas of the property
How Do You Determine a Home’s Market Value?
There are several methods for assessing a home’s market value. That’s why it’s essential to ask which method your home appraiser is using to come up with a value for the home. Here are some go-to approaches for determining value.
- Sales Comparison Approach: Comparing your property to similar homes recently sold nearby.
- Cost Approach: Estimating what it would cost to rebuild the home today.
- Income Approach: Used primarily for rental or investment properties.
How Long Will It Take to Receive My Appraisal Report?
The property market is known to be volatile and can change rapidly for various reasons. That’s why it’s important to ensure that your property appraisal doesn’t take too much time. If it does and market conditions change, the appraisal value might not be accurate.
The Final Word
Choosing the right Baltimore certified residential appraiser means choosing accuracy, professionalism, and local expertise. By asking these key questions before your appointment, you’ll gain confidence in your appraiser’s qualifications and ensure a fair, reliable valuation of your property. You can rest easy by getting an accurate property valuation from Veritas Realty Advisors.
