What is the role of an appraiser in a real estate dispute?

An appraiser in a real estate dispute plays a crucial role. They are responsible for evaluating the value of a property in contention and providing an impartial assessment of the true market value of the property. The appraiser’s job is to help both parties involved in the dispute understand the market conditions and trends that drives the value of the property. The appraiser will typically inspect the property, review comparable similar properties, and take into account the local market forces such as inflation, demand, and availability. They will consider any additions or improvements to the property and consider any potential damage or defects that could lower the assessed value. The resulting appraisal report will include the appraiser’s opinion of the fair market value of the property from an unbiased perspective. In Virginia, appraisers must be licensed by the state and must adhere to strict professional and ethical standards. This includes the duty to provide accurate and impartial appraisals and the duty to disclose any potential conflict of interest or bias. An appraiser’s opinion may be requested by either party in the dispute, however, the appraiser’s findings can be used as evidence in a court of law. They can also be used to help negotiate the settlement of the dispute.

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What is the role of an appraiser in a real estate dispute?

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