It's always a little surprising that almost everyone thinks an appraiser job is to determine the value of homes. If you are a homeowner and you call an appraiser out to give you a value of your home, that one thinks. But the vast majority all appraisers are doing the appraisal for a buyer that is purchasing a home. If this is the case than the appraiser job is NOT to determine value. Watch the video to see what their job really is.
Hi everyone. This is your Tampa Bay realtor Lance Mohr and in this video, I want to talk about home appraisers. What's their job, because of people thinking appraisers job is to determine the value of the property and in almost all cases that is not their job and we're going to go over that in the short video.
So this does come up every once in a while what it is the appraiser's job. So to let me break it down into two areas. Number one if your home so and you want an appraiser to come over and give you an idea what your home will sell for and put a value on your home sure they're determining the value so hopefully a project perspective buyer will come in, make an offer though see the value they’ll agree upon it but in most cases that’s not what you're talking about. In most cases what happens as a buyer goes outlooks in the property the lender contact switches outlets in an appraisal done orders the appraisal now when they do that the appraiser is not coming out for the bank to determine the value at a property. They’re actually coming out to makes sure the property is worth what the buyers are paying. So this happens every once in a while. I’ll give you an example. Buyers looking a property is listed for 270 and they put in an offer full price because they know it's a really good deal at 270, as a matter of fact looking at the comps that come up at probably 285 and they’re thinking this is great we have fifteen thousand dollars’ worth of equity and then they get the appraisal back and it says 270 and I like what do you mean, I thought it was worth 285 and I’ll tell you what it is when the appraiser went out there they actually have the purchase contract and their job wasn't to determine the value of the property their job was to determine is it worth what you’re paying and you’re paying 270. Now in some cases, they might bring it in higher maybe bring it in it to 285 or maybe they bring it in at 280 but there's really no need for him to do that.
There's really no I guess a liability for there might be a liability for them to do that. So a lot of cases the appraisers just going to bring it in is exactly what the purchase contract says. So if you do buy a property and you’re thinking you're getting a really good deal on it. You may be but understand if it comes in at the purchase price that really doesn't have any bearing on how good of the deal you're getting on the appraisal. So it's good to know this. If you are or you do run into this situation.
If you have any questions don't hesitate to contact me. I’d love to help you. If you know anybody buying or selling a home send them my YouTube channel, I think this could help a lot of people out there. Share it with your friends, I appreciate your time watching my videos. I wish you the best of luck and if you’re going to be buying in the Tampa Bay area whether you're buying or selling give me a call (813-317-4009). I’d love to talk to you. I'd like to help you out. Have a great day.
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