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Property Appraiser questions, answered by experts

Some appraisers hold a Member of the Appraisal Institute designation. This accolade is the highest credential property appraisers can earn. An MAI appraisal is typically used for commercial properties.

While your lender will likely recommend an appraiser, you can also hire a professional home appraiser on your own. Choose someone who is experienced in your type of residential property, and ensure they hold all of the necessary credentials that your state or region requires.

Ensures accurate valuation reflecting current market conditions, assisting in financial decisions.

Both conventional loans and FHA loans are types of mortgages, but they have a few key differences. Conventional loans are backed by private lenders without any government backing, and FHA loans are guaranteed by a government agency. FHA loans are designed to be easier for borrowers with low credit scores or income to qualify for.

Ideally, you’d never pay more than the appraised value for a home, but there are some instances where it makes sense to do so. For example, if your current living arrangements are no longer viable and you need a place to move into quickly, paying more than the appraised value might be in your best interest to secure a new home. Additionally, if you’re buying in a hot market, overpaying for the home might be necessary to overcome the competition.

You can be present during a home appraisal, but it’s best to stay out of the appraiser’s way. Make yourself available, but don’t engage or interrupt, and don’t discuss value or your target sales price. If possible, have your agent present in the house instead of being present yourself.

The Liberty, MS homeowners’ guide to property appraisals

From average costs to expert advice, get all the answers you need to get your job done.