Benefits Of Knowledge Of Appraisals
Being an "A to Z Appraiser" ill enable you to be involved in a recession‑proof business. Real Estate is still bought and sold during a recession in the economy. In addition to the typical home sales, there are foreclosure sales, relocations, and distressed sales. The only difference about a recession is that houses are sold for a lower price. Also, during a recession the mortgage loan interest rates tend to drop. As a result, many people refinance their existing mortgages to take advantage of the lower rates. All of these houses still need to be appraised, and as a result, your business can grow during a slow economy.
Unfortunately, there are people who lose their homes due to tragic circumstances in their lives. However, you're not taking advantage of anyone or being unethical by appraising properties that are the result of a distressed sale or a foreclosure. All of these properties have to be appraised. Therefore, someone is going to be hired to do the job. Everyone will be much better off if the client hires an "A to Z Appraiser" ho does top quality work.
Being an "A to Z Appraiser " an make you a much better home buyer or real estate investor. Before you buy a house or a rental property you can check it from top to bottom to figure out what it's worth. You can save up to tens of thousands of dollars by determining what price to pay. Many home buyers simply pay close to the asking price that the seller lists the house for. They tend to assume that the "listing price" must be close to the market value of the property. Often this is not so. The seller can ask any price they want for their property. However, the true market value could be much less than their asking price. If you have the knowledge of how to perform good, thorough appraisals then you can negotiate some price reduction or concessions. You can intelligently inform a seller if the asking price is too high.
Being an "A to Z Appraiser" an make you a much better home seller. Before you sell your house you can find out what the present market value is ahead of time. An awful lot of real estate deals are killed before the real estate appraisal or home inspection is done. The buyer and seller may come to an agreement on price and terms pending the appraisal or inspection. If the appraiser is thorough, they may find that the sales price agreed upon is too high. This ends up throwing a monkey wrench into the works by lowering the sales price or killing the deal. You can also learn if the asking price for your house is too low! You don't want to sell your house for a lot less than what it's worth, do you?
Being an "A to Z Appraiser" an make you a much better homeowner. See the Purpose Of A Real Estate Appraisal section for how homeowners can benefit from this knowledge. You can make your house safe for you and your family. You'll be able to identify electrical hazards, radon, asbestos, carbon monoxide and gas leaks, etc. Prevent accidents before they happen! Also, you can eliminate building code violations or protect yourself from being cheated by contractors.
Being an "A to Z Appraiser" an make you a much better Realtor. If you're presently a Real Estate Agent or Broker, you already know how a low appraisal or problems found during the home inspection can kill a deal. You can greatly increase the percentages of the deals you close. You can show the seller what the current market value is at the time you take the listing for the house or condo. As a Realtor, you can inform the home seller yourself without waiting for the bank appraiser to do it later. (A Realtor CMA is only a ballpark range of the market value estimate of a property done by someone that does not have any experience as a licensed appraiser).
I'm sure all of you that are presently Realtors are aware of houses that just sit on the market for long periods of time without selling. The major reason a house or condo doesn't sell within a reasonable amount of time is due to the asking price of the seller. Even if a house is in a bad area and needs work, someone ill buy it if the price is right!! As a Realtor, you can help to reduce your headaches and wasted time showing clients an overpriced house with a seller that won't come down in price. You can get more listings due to your knowledge and expertise, which any home buyer or seller will respect. This will enable you to increase your business and income.
Being an "A to Z Appraiser" an make you a much better real estate consultant. If you do any consulting work, you can gain much more respect and business due to your expertise and knowledge.
Being an "A to Z Appraiser" an make you a much better home inspector. I do inspections as well as appraisals and I can see things that the vast majority of inspectors in the business don't even know about. My inspections are much more thorough and informative for the client. Therefore, I can charge a lot more for my work than other home inspectors can.
So you see, I've got this baby set on automatic pilot. There's something in this material for just about anyone to benefit from. There's only one type of individual that I can think of that can't benefit from this material. That's someone who has no intention of going into the real estate business in any way, shape or form. They also would need to have no intention of ever owning their own house or condominium. If that description fits you, then this book is not for you.