When buying or selling real estate it is important to know what a building is worth. The value of a property determines the sale price and whether the buyer is getting a fair price for their purchase. Regardless of whether they are buying a house, condo or commercial piece of property the appraised value of buildings and land are what matter to the banks that are investing in the loans for the purchase. To aid in the purchase process many lending institutions require the services of an experienced real estate appraiser to deliver the valuation of the property prior to extending the loan. While the price of real estate may be set by the demand for the building and land it is up to the Central Texas appraisers to determine the actual value of the property.
Taking the time to investigate every inch of a home, commercial office or warehouse building the appraiser looks at the age of the building and the materials that have been used during construction. An examination of the wiring and plumbing as well as the roofing materials and quality of the structure all play a part in the valuation of the purchase. While it is up to the building inspector to check for mold and repairs to appliances or other parts of the structure that may need attention the appraiser is able to look at the land records and review the building costs and equity that are feasible for the property to make a thorough assessment of the land and building(s) that are up for sale.
Outside of the work of the realtors who set the price of a resale home or commercial property the appraiser is able to set the value of the structure and deliver their comprehensive report to the loan officer and buyer who are each invested in the purchase. If the appraisal comes in below the asking price the seller may have to adjust their asking price or the bank can back out of the loan before the closing takes place.
Essentially the Central Texas appraisers are responsible for presenting their findings so that the bank is able to see the value of the property and make a sound investment that has an appropriate amount of risk attached to it. When it comes to loaning out money the banking industry is very cautious to keep their investments from going under and with the appraisal of a building to determine the value of all that is included in a real estate purchase the service that is performed provides the figures that are used to make sound investment decisions on the part of the banks.