Here at JLD Evaluation, we are focused on making our services as convenient as possible for our customers. That’s why we’ve taken the time to gather our most frequently asked questions here for you. If you do not see the answer to your question below, please feel free to call us today!
When to hire an appraiser?
The best time to hire a real estate appraisal professional is for any mortgage or real estate transaction, when you apply for a loan against a property, for tax assessments to reduce property taxes or if you plan to dispute improperly assessed taxes, when you are settling an estate, to determine the property value when selling your home, to ensure that you are buying your new home at a fair market price, or when you are settling legal disputes.
What is in an appraisal report?
Depending on the type of report you need, an appraisal will contain the purpose of the appraisal and the client’s objectives for it, the reported value of the property and how that value was assigned, the date of the appraisal, the characteristics of the property including location, physical features, permanently installed items, legal attributes, and all facets that affect the valuation including economic factors, property rights, and any known defects, restrictions, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature.
Who hires an appraiser?
Appraisers are often hired by lenders to establish the market value of a property for financing transactions to ensure that the property is valued in the amount of the loan. Lawyers and accountants frequently hire appraisers to assist determine property values in the span of divorce and estate settlements. That said, anyone can hire an appraiser.
Real estate appraisal vs real estate inspection?
A JLD Evaluation appraiser doesn’t provide a home inspection. We perform a third party evaluation of all accessible facets of a property, including construction and amenities from roof to foundation and surrounding areas for the purposes of ascertaining its value on the open market.
How do appraisers get information?
The data used in an evaluation report will be either “Particular” or “General,” and can be accumulated from Multiple Listing Services (MLS), tax documents, and a range of other public documents. The appraiser compiles the data and comparative studies in conjunction with additional standard techniques of investigation.
What standards must an appraiser follow?
All of our real estate appraisers must cover appropriate evaluation and inclusion of reported information, ensure that no major errors of omission or commission are committed by an individual or group involved in the dealings, assure that all evaluation services were carried out in a meticulous manner, and create a final report that is easy to comprehend, includes all necessary details and sections, and is not easily disputed. JLD Evaluation appraisers are licensed to give competent reports as extensively certified members of the Uniform Standards of Professional Appraisal Practice (USPAP).
Who sees an appraisal report?
Assessing reports for mortgage transactions may be covered by the purchaser for closing a sale, even though the lending financial institution keeps the right to utilize the accounts and all of its advice. If a homeowner hires an appraiser directly, the appraiser may define the objective of the evaluation for estate planning or tax disputes, and the homeowner keeps all rights to the assessment.