Appraiser Tips for Smooth Property Valuation

Real estate appraisers often find themselves in situations where the clients ordering the appraisal service have not made sufficient preparations for the real estate appraisal, which would allow the appraiser to work efficiently and provide a quick appraisal service.

Most clients have a desire to receive the appraisal service as quickly as possible. There are many reasons for this: for example, insufficient knowledge of activities related to real estate, unforeseen circumstances, lack of awareness of this process, awaiting a loan decision, etc. That is why real estate appraisal is attempted to be done very quickly, without significant additional costs.

The most common reasons for real estate appraisal are lending purposes, property disputes, construction, and determining the actual selling price. Other reasons for real estate appraisal are less common.

What can be done to speed up the process?

When submitting an appraisal order, work together with the appraiser to define the terms of reference for organizing the appraisal. Answer the questions posed by the appraiser that are necessary for the appraisal – for example, these may include the exact address of the property, contact details of the property owner, access to the property, documents, etc.

Before the property inspection, we recommend preparing documents related to the property. These may include, depending on the property, property planning materials/drawings, special use rights agreement (terms of use), building project/modification project, construction estimate, detailed planning, lease agreements, etc. This is one of the biggest problems that can prolong the appraisal process. Often a situation arises where the appraiser asks for a certain document during the property inspection, and only then do people start thinking about it and begin searching for it.

You should also provide the appraiser access to the entire property, so check that all necessary keys are available so that locked doors can be opened. Additionally, it doesn't hurt to put away unnecessary items and do a bit of cleaning before the inspection, as the appraiser is obligated to take photographs of the property. Certainly nothing should be hidden.

Where can documents related to the property be obtained?

If you have been careful, you have certainly placed the documents in separate folders and put everything in one folder and placed it in a safe memorable location, if not, then you should do so. It is also possible to scan documents on paper carriers into a computer.

In case you lack the necessary documents in paper form, we share the following recommendations and steps to get started:

• The land register is a database whose purpose is to collect, preserve and disclose information about the creation and transfer of real property rights and the encumbrance of real property with property rights, as well as the transfer, encumbrance, change of content or termination of property rights encumbering real property. Here you should use the new land register instead of the old one. Log in by selecting an appropriate method, then click "Related properties" and search for the relevant document that might be needed for the appraisal.
• The main task of the National Archives is to ensure that the written memory of society is preserved and available to present and future generations. National Archives – click "Submit an archive inquiry". Select "Submit an archive inquiry" under the "Buildings and property" category. Fill in the provided form with the necessary information. Pay the service fee and wait.
• From the local municipality, it is possible to obtain information about the general plan (including previous general plans), the established detailed plan, building documents and building projects.
• It is also possible to obtain excerpts of certain documents from notary offices.

Article source: Domus Kinnisvara