How to Use Electronic Appraiser

A home appraisal is a market valuation of real estate or property by a professional. Before a bank or lender will invest their money in your home loan, they will require an appraisal to ensure the property is as valuable as you say it is. The collateral for the loan must be valued at no less than the amount of the loan you are requesting. The bank will usually choose the appraiser if you are buying. If you'll be selling your home, you can use Electronic Appraiser. Follow these steps.

Difficulty:

Moderate

Instructions

Things You'll Need

• Computer with Internet access
• Valid credit card
• Property address to appraise
• Cooperation of the homeowner if you are appraising a property that you do not own

1. Decide whether you want an online appraisal or an at-home appraisal. If you are buying or selling the house in question, then your real estate agent can help you decide.

For an Online Appraisal

1. Visit a quality Web site like Electronic Appraiser (rated best Automated Valuation Model by MSN Money), which is listed in Resources below.

2. Enter the address of the property and the ZIP code, and click the Go button.

3. Choose the report that you want, and click the associated button that says Get Report.

4. Enter the requested information such as name, e-mail, telephone number and credit card number. Read the terms and conditions, then click the Get Report button.

For an At-Home Appraisal

1. Visit the Electronic Appraiser Web site, listed in Resources below, to help you find a quality appraiser as opposed to choosing one at random from a phone book or directory.

2. Click the link for a Traditional Full Appraisal.

3. Enter all of the requested information about the property, and read the full appraisal policy. Check the box to agree with the policy, and click Continue.

4. Enter both your personal information and credit information and click the Get Full Appraisal button at the bottom.

5. Print out your confirmation page, and wait to be contacted by a representative. This person will help you schedule your appraisal.

Tips & Warnings

• No matter what Web site you use, always be sure to check with the Better Business Bureau before you give out any credit card information.

• Always read the terms and conditions carefully.

• Ask for the name and information of your at-home appraiser, and make sure that the person is in good standing with the Better Business Bureau.

• If anything about a Web site does not seem professional or correct, do not give out secure information.

• Your Social Security number is not necessary for an appraisal. Do not give it out.

• Look for an icon that says that your Web page is secure before you submit credit card information.