A residential real estate appraiser offers a range of professional services related to the valuation of residential properties. These services are typically sought by homeowners, homebuyers, real estate agents, mortgage lenders, banks, and other parties involved in real estate transactions. The primary goal of a residential real estate appraiser is to provide an unbiased and accurate estimate of a property's market value. Here are some of the key services offered by residential real estate appraisers:

• Property Valuation: The main service provided by a residential appraiser is determining the fair market value of a property. This involves analyzing various factors, including the property's location, size, condition, age, features, and recent comparable sales in the area. The appraiser assesses these data to arrive at a reliable estimate of the property's value.

• Home Purchase/Sale: When someone is buying or selling a home, an appraiser is often engaged to ensure that the property's listed price is reasonable and reflects its true market value. This helps sellers set an appropriate asking price and helps buyers make informed decisions about the property's worth.

• Mortgage Lending: Lenders require a residential appraisal as part of the mortgage approval process. The appraiser's report provides the lender with an independent evaluation of the property's value, ensuring that the loan amount aligns with the property's worth.

• Refinancing: Homeowners seeking to refinance their mortgages may need an appraisal to determine the property's current value, which helps lenders assess the risk associated with the new loan.

• Property Tax Assessment: Local tax authorities often use appraisals to determine the property tax liability of homeowners. Appraisals help establish the assessed value of the property for tax purposes.

• Estate Settlement: In the case of a property owner's death, an appraisal may be required to determine the fair market value of the real estate for estate tax purposes and equitable distribution among heirs.

• Home Equity Loans and Lines of Credit: When homeowners apply for a home equity loan or line of credit, an appraisal is typically required to ascertain the property's current value, which influences the amount they can borrow.

• Litigation Support: Appraisers may provide expert testimony and appraisal reports in court cases related to real estate matters, such as divorce proceedings, eminent domain, and property disputes.

• Home Improvement Planning: Homeowners planning significant renovations or additions may seek an appraisal to understand how these improvements might impact the property's value.

It's important to note that residential real estate appraisers must adhere to professional standards and ethics established by relevant appraisal organizations and comply with local, state, and federal regulations governing their practice. Their impartiality and expertise play a crucial role in ensuring the fair and accurate valuation of residential properties.