The real estate market can be both a good and bad thing depending on the angle you approach it from. We have seen many stories of people who have approached the real estate industry from their angle and of course, the outcomes were different.
I have seen so much happening from the day that first step was made into getting my own home. It was a great feeling because you not only had somewhere to call your own, but you were also free from all those over-bearing landlords. You get to create your own unique style and your security going to the future was well grounded.
For sure, comparing the prices of a home then and now will cause anyone to give up or even wish they existed from back then. But hey, it is what it is so we all have to just work around it. After trying to get myself into the “new” real estate market, I had the perfect connection with daughter Lindsey, who was home shopping with her fiancé.
They had to go through so much to get what they wanted and of course, there were the bad. It happened that they sought the services of a bank to offer a loan to purchase a property they saw and loved.
After going through the relevant procedures, she had a terrible experience. She was granted the loan offer an after purchasing the home and property, she settled in quite well. However, after a few years and completely repaying the loan, it happened that her husband was granted a new job in another area so they wanted to sell their home.
Seeing she was a first-time homeowner, she didn’t know all that was involved and what she needed to do. It turned out that they had to take a big loss because the appraiser that the sellers initial brought was not even sure of the value himself. He didn’t take the relevant steps to finding all the details of the given property.
After doing my research, I realised there were major glitches in the services the bank had hired and as such, I would advise any new homeowner; get your own appraiser to do a second check! It can be a tricky thing when the real estate agent persuades you to stick solely to their appraiser, but for your best interest, you need to work with your pick.
So when should you hire your own appraiser?
Choose someone who is familiar with the area: My daughter’s real estate agent had an appraiser who was not inclined to the market value of the area when the property was being sold. As the owner, you too can do your research instead of solely depending on the agents so you know you are on the right track.
If the given appraisers work for “free” – get your own: This may sound weird or even silly but it is a fact! We have seen appraisers who work for the government and because they get a set payment no matter the value of the property, they will not put much interest into researching and finding the true value of the property. My daughter fell on the wrong side of the deal with this.
If the given appraiser is not properly trained: This is a major factor because if they don’t know what they are doing, they will not be effective in providing the services you need. Bear in mind, this is a technical task and so if not done right, there can be lasting damages and issues.Tags: buying a house, hire your own appraiser, when to hire an appraiser