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Real estate appraisal or property valuation is the process of determining the value of the property on the basis of the highest and the best use of real property (which basically translates into determining the fair market value of the property).
Real estate agents generally calculate their fee as a percentage of the selling price (in case of sales) and as part of the rent (for rentals). People, who want to sell/let their property, leave the details of their property with the real estate agent (and in fact, even leave the keys of the house so that the real estate agent can arrange for viewings without them getting into any hassle).
However, the value assigned as a result of real estate appraisal might not be the value that a real estate investor would consider when evaluating the property for investment. In fact, a real estate investor might completely ignore the value that comes out of real estate appraisal process.
A lot of home seekers (including real estate investors) use the services of real estate agents not just for getting good deals but also getting them quick.
Real estate agents would generally know the prices of various properties of different types and at various locations in the region.
This, in fact, works in the favor of real estate agent in two ways. Firstly, if the real estate agent is able to sell the house they get their commission and secondly, if they make the buyer happy too they earn a good reputation (and hence more business).
A real estate investor will generally base his investment decision on this real estate appraisal that he does by himself (or gets done through someone). So, can we then term real estate appraisal as a really real real estate appraisal?
However, not everyone is tech-savvy and there are a lot of people who still take the approach of putting up an ad in the local newspapers. So look for real estate for sale in the local newspapers. In fact, there are some newspapers that are dedicated to just that i.e. real estate for sale. You could even go ahead and put up a wanted ad in these newspapers. Sometimes, looking up for real estate for sale in old newspapers (like 1-2 months old) can help you get a good deal (in case the property owner has not been able to sale the property and has become a bit more motivated to sell it).
Open houses are another good way of getting the best out of time. You can get to see dozens of real estate for sale properties in a very short period of time. And you never know when you might come across a property that is real gold.
I love to to write about real estate and mortgage information. I am also the webmaster of this Dutch webpage hypotheekrente, it is about hypotheekofferte
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