What are the 7 steps of the appraisal process?

Even if your company doesn't formally do them, it's a good idea to conduct a self-evaluation. Use the official performance evaluation form if you can and rate your performance based on your competencies and objectives. Be honest in your qualifications and provide specific examples of your work to support them. Follow these steps to get a home appraisal in preparation for the sale or for any real estate needs you may have.

You should hire a certified, licensed home appraiser with experience appraising properties in your area. In the case of a refinance or mortgage loan, the lender will contract an appraisal through appraisal management companies (AMC). For example, according to data from Closing Corp, appraisals tend to cost much more in the Pacific Northwest (or, for that matter, anywhere in the west) than in the South. You can ask candidates for home appraisers about their professional designations, if they are licensed or certified in their state, and how long they've been in business.

This is usually the most difficult step in the process for both managers and employees, and it can be challenging to manage emotions and expectations. These companies provide third-party appraisal contractors that are not affiliated with the lender or borrower. To identify differences of opinion and prepare for them, management can ask employees to complete and submit a self-evaluation before the evaluation meeting. Most state agencies will verify in writing that the appraiser is currently in good standing, and may also disclose any disciplinary action taken against him.

According to him, the best sources of references are usually friends and colleagues whose homes have recently been appraised and real estate agents with experience in the area where the house is located. Caroline Feeney is the senior managing editor of HomeLight, where she oversees the Seller Resource Center, a blog with hundreds of in-depth articles covering every step of the home selling process. Homeowners can be home for the appraisal and ensure that the appraiser has access to what they need. According to Mike Ford, a longtime certified general appraiser in Southern California, an appraiser can back up his view of the value 85 to 90% of the time.

It offers an appraiser search tool, which allows you to easily search for an appraiser by zip code, or an advanced search with attributes such as languages spoken or different professional specialties. Although the lender organizes the appraisal through the AMC, it is usually the responsibility of the person refinancing or borrowing money to pay the appraisal fees. Make sure the appraiser can move around, take measurements and photographs, and mark all the details easily.