Let us explain everything about what a certified residential appraiser is and why you might need one.
At Simpson Real Estate Appraisers, we get asked a variety of questions about how an appraiser becomes certified, what a certified residential appraiser is, and when you need a certified professional. Let’s tackle these questions in case you might wonder yourself. First of all, regulations regarding licensing and certification of real estate appraisers vary from state to state, but are associated with several hours of coursework, tests, and practical experience. In addition, continuing education is required to keep one’s license current.
As for what a certified residential appraiser does, their primary role is gathering data, including specific data about the home itself and general data from a number of sources. We look at such specific factors as location, condition, amenities, and size. We also look at data on recently sold homes that might be used for comparison while making adjustments for differences between your home and those we find on tax records and through other sources. We combine all this data together, along with general data from our past experiences, to create an accurate value of the property.
Regarding why you need a certified residential appraiser, it will be necessary when you are dealing with lenders or have legal matters where the value of your home must be determined with the highest level of accuracy. Examples include going through a divorce, settling an estate, wanting to reduce inflated property taxes, requirements in a civil case, and getting PMI off your mortgage.
If you would like to know more about what a certified residential appraiser does or you need to request an appraisal for your Durham, North Carolina home or one you are purchasing, don’t hesitate to reach out to us.