Definition
An appraiser is the licensed professional who evaluates property value. They must be independent, follow USPAP standards, and support conclusions with documentation. Good appraisers provide thorough analysis; poor ones might overlook important factors.
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Appraisers play a vital role in real estate transactions by providing objective valuations that protect lenders and ensure fair pricing. They receive specialized training in valuation methodology and must follow the Uniform Standards of Professional Appraisal Practice (USPAP). Appraisers are required to be independent from the transaction parties to maintain objectivity.
Pro Tip
You can't control who the lender selects as appraiser, but you can provide them information about your property's condition and recent improvements to support accurate valuation.
Example
A professional appraiser with 15 years of experience in residential properties is ordered to appraise a property for a mortgage lender. The appraiser inspects the home, compares it to recent sales of similar properties, and submits a detailed report supporting the estimated value.