The True Value of a Licensed Real Estate Appraiser in Today's Market

When a buyer's appraisal comes in below the price, the Consumer Financial Protection Bureau says a buyer may consider renegotiating the price or reviewing the appraiser's work carefully to understand how the value was reached, and may obtain an independent appraisal at extra cost. A report that shows its comparable sales and adjustments gives you something concrete to review. A bare number gives you nothing to question.

In a California court-supervised probate, the personal representative appraises money and similar cash items, and a probate referee designated by the court usually appraises the other inventory property. Statutory exceptions exist, and a court may waive the referee's appraisal for good cause (section 8903). Hiring a private appraiser does not by itself satisfy the court inventory requirement; the estate's attorney can say whether an exception or a court waiver applies. An interested person may object to an appraisal before the hearing on final distribution, and the person objecting has the burden of proof. A documented value from a credentialed appraiser is the kind of evidence that can inform whether an objection is worth making. Which route fits your situation is a question for the estate's attorney.

The Family Code has the court value assets and liabilities as near as practicable to the time of trial, or at a date after separation and before trial on notice and good cause. Either way, the value is tied to a date, and a written appraisal states its date. Both spouses and their counsel can read the same report and discuss the evidence.

Each scenario depends on a value that is dated, explained and checkable. A license tells you the appraiser is permitted to appraise your property. The report tells you how the number was reached. Together they let you decide whether to rely on it.

Ask for the scope, the date and the intended users before you order. Read the comparable sales in the report. If the purpose involves a court or a lender, ask the party that will rely on the report what it requires. To check a license, read what makes a residential appraiser certified, and use the questions to ask an appraiser before you hire.