Saturday, March 1, 2008

Buyers and Sellers Taking Control of Appraisal Process!

When it comes to Lake and Waterfront property, buyers and sellers are taking control of the appraisal process! This is a wise move in our opinion. Since buyers and sellers are making huge investments in luxury properties like lake and waterfront real estate, they do not want to make a financial miscalculation!

Buyers and sellers no longer have to let the lender control the appraisal process, they can and are hiring these professionals to give them the information they need...the TRUE value of the property in question. This information goes a long way to help buy or sell the home and negotiate a sale in process. They realize the appraisal is worth its weight in gold, because the cost of the report is a fraction of what their loses could be without one!

Over 50% of the Lake Lanier appraisals we completed in 2007 and more than 60% in 2008, were requested by individuals who were contemplating listing their Lake Lanier home or buying one. While anyone can enlist the services of a real estate agent to determine the proper asking price or advise if a lake home is a good buy, they also want the opinion of an objective professional. Realtors are worth their salt when it comes to helping you thru the buying and selling maize, however they do have a vested interest in the property.....IE: a commission.

Real estate appraisers on the other hand have no vested interest in the property they appraise and therefore they are totally objective in their assessment. As a matter of fact, if they do have an interest in the property, they are obligated by what we call USPAP (uniform standards of professional appraisal practice) to decline the assignment or disclose their interest in the property. If they do not they could lose their license!

Since lenders are really cracking down on the lending process and the appraisers they will use, you do not want to be at the mercy of their selection. Chances are good that they do not have an experienced lakefront or waterfront appraiser on hand. This is the primary goal of our website to have a place where only experienced lake and waterfront appraisers are listed so that lenders, buyers, sellers and Realtors will find them easily and use their services.

If you are buying or selling a lake home and have not had an appraisal on your home, make sure you advise your realtor or lender that you insist on an experienced lake appraiser for the job and they can find them on our website. If you hire just any appraiser, it could significantly impact the appraised value of your home, most of the time, it is under valued when an inexperienced lake or waterfront appraiser is involved.

So we are glad buyers and sellers are taking control of the appraisal process and protecting their investments!

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