I’m not going to lie to you, investing in real estate can be incredibly lucrative both in the short-term and especially in the long term but there are many intricate pieces that go into the puzzle before you can really profit on your investment.
Finding the right broker is one of the pieces, and in fact may be a very important piece. But one of the absolute most important pieces in my opinion is finding the right real estate appraiser.
There are all types of appraisers out there. Some of them will rubber stamp anything you say and you may be tempted to use those kind of people especially if you rely on your appraiser in order to refinance mortgages and need them to state a specific value of your property. I’m not saying this is ethical or even legal but you know these types of people are out there … I suggest you stay away from them.
There are other kinds of appraisers who are overly neurotic and will flag every little stupid thing even though you are not in the least bit interested. These types of people really should become drill sergeants in the army or something because they take their job way too seriously.
Of course, the best type of appraiser is the kind that is totally honest with you and is good at ferreting out the exact information that you need to make your investment decisions. When it comes right down to it at the end of the day all you care about is making good investments and there before making profits and often times this is not possible without a solid appraiser and having one on your team is essential. So how do you find a good one? That’s what I’m going to talk about today.
A good place to start in your search for quality appraiser is a financial institution such as a bank. Most regular mortgages go through a bank that requires an appraisal; so the banks will have lots of experience working with a broad range of these people and they’ll have a pretty good idea of which ones are good and which ones to steer clear from. It’s in the bank’s best interest to tell you about the good appraisers because ultimately if you borrow money from them, they’ll want that money back and a good appraisal is a good start along that path.
Not only are banks good places to look at, but other financial institutions are as well as such savings and loans and also mortgage brokers.
Apart from financial institutions a good place to look for appraisers are among the lawyers in your area and also among the real estate brokers. These two categories of professionals will also have a lot of experience dealing with a broad range of appraisers and should be able to tell you nearly as well as the bank which ones are the good ones are and who the bad ones are. Again it’s in their best interest to help you in this area because the more business you do, the more business they do.
Hundreds, thousands, and sometimes even tens of thousands of dollars can hinge on the expertise and the judgment of your appraiser so finding the best one is incredibly important. Hopefully this article has given you a couple of tips on where to find a good one. Good luck!