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E 2 POST REGISTER Friday, February 14, 2014

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Directions:From the intersection of Hitt and 17th Street,head east on 17th to Midway and turn right to house onthe left.

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By Casey Archibald

For the Post Register

Editors note: This is the thirdstory in a series covering the

home-buying process. Eachweek will cover the steps

you can expect to go throughbefore moving day.

In any transaction, a buy-er wants to make sure theyrepaying a fair price. A homepurchase is no different.

Tats where the appraisalcomes in.

Mark Liebel, the ownerand president of Mark Lieb-el Appraisal Service as wellas a REALOR at Keller

Williams, said the appraisalusually occurs aer the cred-it has been taken care of, theunderwriting is completedand the buyer and sellerhave agreed on a pur-chase price. Tat is whenthe appraiser is broughtinto the picture to make surethe home is worth what ev-eryone is saying it is worth.

Liebel defined an apprais-al as An opinion of valuebased on the date the prop-erty was inspected.

Te appraisal occurs lateron in the home buying pro-cess and involves the work

of appraisers to determinethe value of the home, whichis then reported back to thelender involved in the trans-action.

Liebel said appraisers con-

sider things like the number

of bedrooms and bathroomsin the home, the size, theamenities, the condition, thecurrent market and othercomparable homes that arelisted in the area.

According to Liebel, thedeliverables for an appraisalinclude a unified form thatis used by all appraisers, abuilding sketch, a plat map,a location map, aset of pictures,comparableproperties

to the one in question and,

of course, an estimate of thevalue of the property.Gary Fawcett a state li-

censed, certified residentialappraiser at Gary FawcettAppraisals, explained thatan appraisers duty is to pres-ent an unbiased opinion tothe lender about theproperty.

It is important for us to

protect the client that is hir-ing us to do the job, saidFawcett. Our client is thelender, and the lender has acertain percentage amountthat they are going to loanbased on the market value of

the property that is ap-praised.

Tough theappraisal is

required, andit is completedsolely through

the lender,

the home buyer is expected

to pay for the service. How-ever, the appraisal can great-ly benefit the buyer as well asthe lender.

Te appraisal processshould absolutely concernthe buyer, said Liebel. Ifthey are buying the proper-ty it is valuable for them toknow that it is worth whatthey are paying for it. Teappraisal helps the buyermake sure they are on theright track for what they arebuying.

Fawcett said the appraiseris hired and an appraisal isobtained by the lender to as-sure them of their collateralposition for the loan.

Appraisals are usuallyto the lenders benefit,said Fawcett. However,it benefits the borrow-er too because it letsthem know that theyare not overpaying forthe property.

Liebel describedappraisers as a disin-

terested third party.We want to de-

termine the value based on

what we see in the marketplace, said Liebel. We arenot commission-based. Wedo the best we can to deter-mine the value and it securesand helps both the buyer andthe lender.

Liebel said his goal is to dohis best to estimate fair mar-ket value for his customers.

Tat gives the home buy-er and the lender the securitythey need, said Liebel. Wewant to provide security andequity for the lender. Teyneed to know the house isworth it so they dont lendtoo much money. With theappraisal, the buyers knowthey are making a good pur-chase. Tat way if they wantto resell they can as long asthe market doesnt change.

Liebel said one of the mostrewarding parts about be-ing in the appraisal businessis meeting a lot of differentpeople and seeing a varietyof properties.

It is cool to see how dif-ferent properties fit in andreact to the market place indifferent ways, said Lieb-el. It doesnt get boring; itsa great job. If you love realestate, being an appraiseris cool because you get to

see so many locationsand properties and

meet a lot of in-teresting peoplealong the way.

REALTOR NEWSTo advertise, call (208) 524-7355 or classifieds@postregister.com

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Fair valueAppraisal lets buyer, lender know the true value of the property

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