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Individuals who desire to establish the value of their property often turn to computer generated reports that are offered by several different websites. These sites use data collated from various resources to generate an estimate of what a property is worth. Unfortunately, the resources such sites draw on are often out-of-date or unreliable in today’s ever changing real estate market. While these reports may have some value in showing market trends, they are often quite inaccurate and cannot be used as a substitute for the expert services of a local real estate appraiser.

Although they are more expensive, professional real estate appraisers are highly trained to accurately determine the value of various types of properties. Many complex variables must be accounted for that computerized reports can’t handle. Surrounding neighborhoods, economic development in the area, and the quality of the school system all can greatly affect a home’s value. Dilapidated neighborhoods that are currently undergoing gentrification probably won’t get a fair appraisal from a computer model, or from someone untrained or out of the area. Only a local appraiser will be familiar with rising or declining values and other trends in their area.

While obtaining a professional real estate appraiser to correctly determine a home’s value can be critical during a divorce, to value an estate, or to satisfy a lender requirement for a mortgage, choosing a reputable local appraiser that knows their market area can mean the difference between a good appraisal and a bad one. If an appraiser does not intimately know the market area they serve, many factors used to determine a home’s value can be left out of the process. Without knowledge of the current market area trends, property values given by an appraiser outside of their locale can be skewed.

Due to the difficulty of dealing with an ever increasing number of foreclosed homes, banks and other financial institutions are starting to hire real estate brokers to complete BPOs (Broker Price Opinion) instead of paying appraisers for a home’s valuation. Although BPOs are likely to be more accurate than computer generated reports in establishing a property’s value, there is a fair amount of controversy as to whether or not real estate agents have sufficient training to accurately complete these reports.

While BPOs are less expensive than uniform appraisal reports, they often omit critical information. Many lenders don’t require an in-depth inspection or interior inspection of a home at all. It is difficult to imagine how a realistic property valuation can be calculated without a full on-site inspection of the premises.

Prior to licensing or certification, appraisers must complete a stringent training course through an approved educational facility. Some states also require appraisers to apprentice under other, more experienced professionals before they are allowed to work independently. Good appraisers will carefully examine all aspects of the property. This includes square footage, room count, types of rooms, condition of property, lot size, neighborhood trends and comparable properties in the area that have sold recently, in addition to similar properties that are on the market at that time.

While BPOs from real estate brokers or computer generated reports can be obtained more quickly than full appraisals, a complete appraisal report is lengthy and in-depth. The final report will delineate every factor that went into the final valuation of the property.

Finding an experienced appraiser in your area should not be too difficult. Local lenders or banks are an excellent source of referrals. Also, searching an online directory or your local yellow pages can be useful when searching for a professional appraiser.

In the San Francisco Bay and Central Valley areas, call on Market Appraisal Group for reliable, accurate real estate valuation services with quick turnaround times. Their state certified and licensed appraisers are experienced with valuing all types of properties for mortgage lending, estate planning, PMI removal, and divorce and settlement disputes. Powered by SEO 2.0 Services

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