If you are selecting an appraiser, you should ask questions in order to make the best possible decision. You should consider the following criteria when selecting a qualified real estate professional, and don’t be afraid to ask questions.
1) Personal Referral
Asking a trusted friend or colleague can be the best way to hire a professional in any given field but especially in this case. Always use this as your first step. If you don’t know anyone who has a good reference, look for a professional appraisal organization, and they will refer you to candidates in your area.
2) Licensed or Certified in Your State
Check the appraiser’s license level. Certification requires additional education and experience. Confirm their response by searching the Appraisal Subcommittee National Registry, using their name, license number, or location.
3) Hold a Designation
Ask if the candidate holds an additional designation that must be earned through additional education, which would thereby increase his or her credentials.
4) Experienced and Competent
Make sure they are experienced and competent in your community and with your property type. Question their knowledge of your area and whether or not their experience includes condos, single-family residences, custom homes, land, or any other applicable type. Use the word “competent” since appraisers are required, by the industry’s standards, to refuse an assignment if they are not competent to appraise it.
5) Recent Appraisals of Similar Properties
Market situations change quickly, so make sure the professional you are interviewing has completed evaluations recently in the area of the subject property.
6) Consider Fee and Time Frame
Even though obtaining the lowest price and getting the job done more quickly are often top priorities, qualifications of the professional should be at the top of the list.
7) Copy of Resume and References
Since your selection process is quite similar to a job interview; you will not be overstepping your bounds if you ask for a copy of their resume and references. If they are a seasoned, qualified professional, they should already have these prepared and be happy to provide them for you.
Before selecting an appraiser, you should cover all of your bases by doing your homework. You can then be confident you will receive a well-supported, compliant, and credible report.