7 Characteristics of a Qualified NJ Real Estate Appraiser

What to ask and look for in an NJ real estate appraiser

 

NJ real estate agents and loan consultants will often go through several appraisers in an attempt to find a competent, dependable professional whom they are comfortable with that they can use on a regular basis. Some may ask why it is so difficult to find a reliable appraiser. Although there are likely to be many answers, perhaps one major contributor is that with the real estate boom of the late 90's and early 2000's many new appraisers came onto the industry. Many times, those appraisers lacked the proper training, experience, and work ethic. See below for advice on finding the right NJ real estate appraiser.

Is the appraiser licensed in the state where the appraisal(s) are performed?

You would be surprised to learn how many appraisers work without having the proper license or certification. Banks will always reject appraisals performed by these unlicensed individuals, therefore you will be denied for a loan.

Ask the appraiser about his or her background.

You should ask questions regarding license suspension, whether they are currently or have ever been placed on probation for anything, and whether their license is active or expired. These are all very important questions to ask prior to hiring an NJ real estate appraiser.

How much does the NJ Real Estate appraiser charge for his or her services?

Appraisal fees should be no more than $350 for Single Family Residence or Condominium units. Although some appraisers can charge as much as $400, it is important to remember that you are not necessarily getting a better product. Appraisal reports are completed according to strict USPAP guidelines, therefore, all appraisal reports are created in the same format and using the same information. Furthermore, innovative companies will take advantage of today's technology and can offer you a more superior product at a better and more competitive price.

Who conducts the NJ Real Estate appraisal?

You should need to know whether appraisal reports completed by a licensed appraiser or some staff member who merely does data entry and has no specific appraisal knowledge. Just as it is important for the appraiser to make a personal inspection of the property, it is imperative that the appraiser is the person responsible for completing the report.

What is the turnaround period for appraisal reports?

A turnaround for NJ real estate appraisal reports is the amount of time it takes the appraiser to prepare the report from the time of inspection. A turnaround period of longer than 3 days is considered too long, especially given the current market situation. A turnaround period of 3 days is acceptable, but a turnaround of 24-48 hours is ideal.

How reliable and accurate are the appraiser’s statements?

The most difficult aspect of hiring a trustworthy appraiser is to decide whether or not you will be able to trust the appraiser with your work. Truly reliable and credible appraisers will always stand by their work. Seek appraisal companies that offer guaranteed results and will always stand by promises made to their clients. Companies who offer you a money back guarantee if reports are not completed in a timely manner are also a great choice.

Does the appraiser use up-to-date technology?

Online ordering saves valuable time by giving clients the option to order, review, and print reports directly from the website. The technology of today has made the appraisal process entirely digital, from placing orders via the internet to taking digital pictures during the inspection process, to the completion and publication of the final NJ real estate appraisal reports.

 

The real estate market is changing rapidly and expanding into new avenues almost daily. Sometimes it can be very difficult to find the answers you need on a specific topic or issue. In times like these, you need a real estate professional who will provide valuable information and trustworthy advice. For more information on NJ real estate, call us today or click here to be connected with one of our top real estate specialists.