A Helpful Hand Through the Appraisal Process

January 16, 2011

Whether you are buying or selling Chicago real estate, or a home in the suburbs, or property anywhere in the world for that matter, the appraisal is an important and stressful part of the process.

That’s why the Appraisal Institute has created helpful tips to help homeowners and buyers avoid appraisal issues.

“Too many consumers in this struggling real estate market face problems with appraisals when attempting to buy or sell a home,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. “But rather than passively endure delays in closing a sale, homeowners and buyers can take proactive steps to avoid pitfalls.”

The Appraisal Institute goes into detail on these tips for homeowners and home buyers:

*Understand the role of appraisals.

*Make sure their lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute).

Appraisal Institute's logo*Accompany the appraiser during the inspection of the property if possible.

*Request a copy of the appraisal report from the lender.

*Examine the appraisal report and ask questions.

*Appeal the appraisal if appropriate.

*Ask the lender to order a second appraisal by a qualified and designated appraiser.

*File legitimate complaints with appropriate state board or professional appraisal organizations.

“Credible opinions of value can help to stabilize the real estate market,” Magdziarz said. “Appraisals are especially important because they are an objective and unbiased source of information. Unlike others involved in real estate transactions, the appraiser is an independent professional who performs a service for a fee rather than for a commission.”

Protect yourself and avoid unnecessary frustration when you buy or sell a home — in Chicago or anywhere.

For all the Appraisal Institute’s tips for homeowner and home buyers, click here.

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