Real Estate Appraisal

8 Replies

Morning! Any benefit to taking an appraisal certification class to assist in researching and evaluating properties? Thanks, in advance, for your feedback. Meg

I dont think this is going to help you. I think you just need to know how to pull comps. If you have access to the MLS this becomes pretty easy. If not you can use online free tools to find comps in the neighborhoods that you're investing in.

Hello @Meg Schlesman
Just taking the appraisal class would not be enough. Most of the topics taught in those classes are broad and only an introduction to the appraisal career. It takes a lot of experience to gain the knowledge and insight of a good appraiser. However, there are plenty of online tools and free resources to analyze deals that are more useful and less time-consuming than taking an appraisal class.
Best wishes.

Thanks appreciate your feedback.

What are your thoughts on a similar certification for home inspection, as I am targeting foreclosure properties? My son recently bought at auction and we came to find about $10,000 of mice infestation damage that required replacing wiring, insulation and Sheetrock.

Thanks for any advice.

@Meg Schlesman ,
In my opinion there is nothing wrong in getting additional education/certifications, but I think having reliable partners (home inspector, appraiser, agent) working with me is way more efficient than trying to do everything on my own. Relegating, as difficult as it is for some us, is the key to growth.
Best wishes.

Thanks Angelo, totally agree -I tend to be a control freak 😌. I was thinking that as the auction/foreclosure market gives such limited opportunity to get in and view some of these properties would it be better to have more education to make a first-pass educated guess on whether it’s worth bidding on.  

@Meg Schlesman in a situation where you have little to no access, having classroom education for appraisals or inspections would not help you at all. Did your son hire an inspector? Would an inspector have noticed this issue? Most inspectors (good ones) didn't just take course and become one, they have construction background and know what to look at/for. As you do more projects, assuming you are on site some, you will begin to get familiar with things to look out for. I think experience means more than a classroom and certification... at least when it comes to homes and the work they need.

Thanks Brian, really looking forward to ha I gotta that level of education!  

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