Who Chooses The Home Appraiser?

How to choose an Eastern KY Home Appraiser

choosing the appraiser

Home appraisers play a significant role when it comes to home buying or refinancing. Their final report can make or break your chances of moving forward with selling your home. The home appraiser is responsible for evaluating your home and deciding on its final value. This final value takes into consideration the condition of your home and the current real estate market.

When it comes to getting your home appraised, this can sometimes be stressful. In some cases, you can opt to choose an appraiser. Such cases usually happen when you want to personal evaluation of your home, so you know how much to put it up for in the market. In terms of refinancing or borrowing money, lenders will often have their appraisers chosen for you.

What Is A Home Appraisal?

Appraisals are an unbiased and professional evaluation of your home’s value. Such a process is usually sought out by lending institutions when you borrow money to refinance your home. This is to make sure you are not overborrowing for your home’s value. Additionally, it can also be done by a prospecting buyer to see if the value they will pay is worth it. When hiring an appraiser, it is important to make sure they are licensed.

  • The home appraiser should be able to meet the following criteria:
  • Licensed and qualified
  • Familiar with the location
  • Knowledgeable about current real estate trends
  • Is unbiased
  • Licensed And Qualified


The home appraiser should always be someone who is licensed and qualified. Before proceeding with the process, make sure this is true. Getting the value of your home is an important process that needs to be taken seriously. Whoever does so should have the knowledge and experience necessary. Having someone conduct the appraisal without much knowledge can really hurt the final report. Worst case, it will lower your home value even if it is in good condition.

Familiar With The Location

Part of a home appraisal is taking into consideration the location of your home. Things like the type of neighborhood and its history will play a role in the final report. Moreover, the proximity of your home from parks, stores, commercial establishments, roads, and such will be part of the report. An appraiser should know the location well so they can accurately gauge the value of your home. Since the location plays a part in the final value, having someone well informed on the location will ensure that your home’s value is accurately portrayed.


Knowledge About Current Real Estate Market

Your home’s overall value will also be determined by current real estate trends. In this case, the appraiser also needs to be familiar with this. Take the time to talk to your appraiser to make sure they know this information. If they show signs of not knowing enough about the current market, you can file for a new appraiser who would have more knowledge.

Is Unbiased

The last thing a home appraiser should be is biased. They should never favor one party over another or have close ties. Such a relationship can affect the report with intentional or unintentional biased. This is why lenders hire third-party appraisers that are not affiliated with them to undergo the process. As a rule, lenders are not allowed to have contact with an appraiser. This is set to prevent artificial home values in favor of the lenders.

Who Pays For A Home Appraiser?

As mentioned above, a home appraiser is usually chosen by the lending institution where you plan on borrowing money for your home. In such cases, the buyer or institution who needs the report will pay for the appraisal fees. A home appraiser needs to be a non-biased party who can make the evaluation free of any favor from all parties involved. This makes sure the report is as accurate and reliable as possible. Because of this aspect, lenders opt to hire an appraiser from a third-party company that has no affiliation with them.
In general, the person or party requesting for the appraisal to take place will be the one to pay for the fees.

How Does An Appraiser Evaluate?

Many aspects of your home are taken into consideration by a home appraiser. Their report should include the overall condition of the house, land value, as well as the current real estate market. Reports made the home appraiser are valuable because they are decision-making reports that help you or a lending institution decide the value of your home. Among other things, a home appraiser will evaluate the following.

  • Location
  • Quality of living space
  • Size of the property
  • Home care
  • Home Appeal
  • Age of the home


These things are carefully taken into consideration and can either increase or decrease the value of your home. The best thing to do before a home appraisal is to make sure that your home is in top shape. Keep in mind that each specific area has its own value, which will impact the evaluation. For example, if you live in Eastern Kentucky, look into Eastern Kentucky home values and not other locations.

Results Of An Appraisal

The final report of the appraiser will be the consolidated value of your home based on the aspects listed above. This report will be used to decide the next steps for you. If you are selling your home, the appraisal value should be as close to your selling value as possible. If the value is much lower than what you are selling for, you will need to lower your selling price. In cases where an appraiser is required for refinancing purposes, if your value is low, it can prevent you from getting the mortgage you want.

Before you hand in the final reports of your appraisal, look over it to make sure that all the information is as accurate as possible. In such cases, you should not be afraid to ask questions if something seems off. You will want to get the best value possible, and making sure the report is accurate is one way to do so. A report with errors can damage the value of your home. This is something you do not want, especially when it comes to applying for loans or refinancing.

Making Things Simple

Should all things go smoothly with your appraisal, you will have a deeper look into the value of your home. With this, you can make the proper adjustments and loans needed to make it better. The big thing to remember is that a low appraisal can delay or cancel any transactions related to your home. With that in mind, make sure your home is in the best shape it can be before the appraisal. You may also want to speak with the appraiser during the process and discuss current renovations and improvements you have made. Doing so will keep them updated, and this will make sure the report is as accurate as possible.

All in all, a home appraisal is finding the balance between the price of your home and its value. Such information proves valuable to buyers in order to help them make the final decisions on a sale. If your home is priced in accordance with its value, you should have no problem. However, if the value is lower than the price you have, it may be time to re-adjust your price to make it more viable for real estate sale.
The last thing to do for a home appraisal is to be clear what your appraisal is for. Each may have its own needs when it comes to what should be included in the report. There are a number of reasons to get an appraisal, so being clear about what it is for will defiantly make the process smoother.