+ Submit your article here

Function of Appraisers

3/5/2012 1:06:38 PM | by Anonymous

Appraisers

If you have a property you want to sell but do not know the value of it, the person you should look for is an appraiser. Appraisers have the knowledge and expertise necessary to estimate and attach a value upon property, whether it would be real or personal.

 

The types of appraisers are determined according to their function. A business appraiser sets a value for businesses for sale or other purposes. An insurance appraiser investigates damages to insured properties to determine insurance claim. Intellectual property such as patents, trademarks and copyrights and intangible assets are specialized by some appraisers. Equipment for sale is evaluated by equipment appraisers as part of a business transaction. The person who assesses the market value of homes and other property for sale or loan purposes is called a real estate appraiser. Real estate appraiser is the most common among the types of appraisers. The involvement of appraisers in evaluating real estate properties is important because the value of real estates have big differences. The appraiser has factors to consider such as the size, building type, materials used and location which is an important factor for the property’s value. Once the appraiser is done evaluating the property, a written report will be provided to his client that can be used as a basis for tax matters, settling estates and divorces, mortgage loans and estate distribution.

 

There are several types of value on how a real estate is assessed. The most common are market value, investment value, value in use, insurable value and liquidation value. Market value is the actual value of a property fair to both buyer and seller. Investment value is the income that a property will generate aside from its market value. Value in use relates to extra features that a property possess that used to be beneficial to the seller but not to the buyer. Insurable value relates to the amount of insurance coverage to the real property. Liquidation value is applied when a property requires immediate transfer which normally happens in times of bankruptcy.

 

Appraisers may or may not need a license or certification but there is one thing that needs to be considered when hiring one. The appraiser must have a lot of experience in this job so you can be sure that you will acquire the right value of your property.

Are you sourcing for a product or service?

Do you need a quotation?