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The Property Appraisal refers to a survey that is conducted to evaluate the value of a property in order to understand its market value. These surveys are undertaken by appraisers who are qualified professionals, licensed by the state and they maintain strict ethical standards. Usually, the banks often execute such appraisals, when they approve a property before sanctioning a loan. Below are answers to few of the more common questions about Property Appraisal: Is there any service available online, where I can get the property appraisal reports which the real estate appraisers share with each other?
The property appraisal reports are kept confidential by the real estate appraisers and are only shared with the client who commissions those appraisals. However, you can get the property sales details at the town clerk’s office where they are recorded. Those details are available to everyone as they are considered to be public records. Is it necessary for an appraiser to take pictures of every room of my house that is being appraised? My landlord is appraises the single family home I live in. It is in California.
According to the CA landlord tenant law, a reasonable written notice in advance needs to be provided to every tenant by every landlord and his/her agent, before entering the tenant’s property. Moreover, a landlord can get in only during the normal business hour which usually is between 8 a.m. to 5 p.m. on weekdays. It is important that the notice should contain the date, the approximate time and the purpose of the entry in it. However, as far as taking picture is concerned, it is alright as part of this process includes taking pictures, where the photos can be used once the property gets listed. Since the process is carried out in a legal way, it would not be taken as a violation of the tenant’s use and quiet enjoyment. I got a residential appraisal at $185,000 on my property that is zoned as a C2 property and I want to sell it as a commercial property for $250,000. Do I need to zone my C2 property as C1 in order to sell it as a commercial property?
Usually, you would need your property to be zoned as a C1 property if you want to sell it as a commercial property . However, if you are planning to sell a residential zoned property as a commercial one, the buyer could not only have the offer officially cancelled but may also decide to sue you for damages afterwards. If a seller’s asking price on a property is more than the appraisals, then there is a possibility that the loan as well as property’s sale might get jeopardized. Therefore, you must verify and check all the facts that went into appraising the property before you start disputing the appraisal. These facts could include factors like property sales for the last six months in your neighbourhood, any differences in the renovation or improvement that could have increased the value of your property and so on. Your lender could allow for a second appraisal, if you have a strong case for it. If you need any clarification about your particular situation with respect to Property Appraisal, you may wish to ask a real estate lawyer.
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