Define a Real Estate Appraiser
A real estate appraiser is a professional who estimates the value of real estate. A lender will typically require a buyer to pay for an appraiser's services to determine whether the property is worth the purchase price. The lender wants this information to decide whether to provide a mortgage for the property.
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Identification
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An appraiser bases the value on what a ready and willing buyer will pay for the property under current market conditions. This is done by evaluating recent comparable sold properties.
Function
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Appraisers help lenders and buyers determine what a property is worth prior to the closing process for a transaction. They also help attorneys and property owners determine the current value of property.
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Geography
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Appraisers are typically licensed in the state in which they do business.
Time Frame
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The appraiser's opinion of value is only good for the appraisal date. Circumstances, such as the real estate market or condition of the property, can change quickly, making the opinion obsolete.
Types
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Appraisers are trained and licensed to give an appraisal. Other real estate professionals might offer opinions of market value, but those opinions are not considered actual appraisals.
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