Why We Need appraisers in Real Estate Transactions

In real estate transactions, most people often engage the services of agents and brokers, neglecting the professional service of an appraiser at their own detriment. A real estate appraiser or property appraiser is a certified professional, specialized in the act of estimating the value of a property or home. Real estate appraisers play an essential role in the pricing process of property transactions.

Main Purpose of An Appraiser

The functions of a real estate appraiser is multifaceted. A property appraiser conducts formal appraisals of a property. They evaluate properties by gathering data from internal and external sources and prepare detailed and comprehensive reports of the actual value of the property in accordance with industry regulations and best practices. An appraiser can save you a fortune, so much so that at homes for sale in lekki we always advice clients to seek the services of an appraiser before closing a property deal

Typical or Non complex Appraisals

Typical or non complex property appraisal refers to those transactions in which the property to be appraised, does not have ownership history or market conditions which are at variance with those typically found in the subject market. In this types of properties, a traditional appraisal approach is sufficient for assessment of its value

Atypical or Complex Appraisals

Unlike the typical appraisals, complex Appraisals refers to properties that have unique features, historical value, structural deficiencies or circumstances that could be refereed to as unusual. A case in point could be a property that is markedly different from other properties in a particular area. Such property could be located near a lagoon or remote area, or with unusual ownership history. Such property appraisals requires a professional and experienced appraiser with a comprehensive valuation methodology.

In conclusion, closing a property transaction with the aid of agents and brokers alone is an unmitigated disaster. This is because agent and brokers are mercenaries in real estate transactions, whose interest and call to action are self serving. on the the contrary, an appraiser provides an objective and unbiased estimate of the value of a property in transaction