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Business Idea Center - Real Estate Appraiser

Real Estate Appraiser

Business At A Glance
Startup Costs: $10,000 - $50,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? No

Business Overview

Real estate appraisers are specialists in estimating the value of land and the structures on that land. Real estate appraisals are commonly required when people buy a home, sell a home, apply for or renew a mortgage, for insurance purposes, to settle estates, and to settle divorce cases. It is the job of the real estate appraiser to prepare a written description of the property, and draw a diagram of the property that shows structures. Appraisers must also verify legal descriptions of the property with county or city records, along with an estimated market value. Fair-market values are based on factors such as property condition, the values of homes in close proximity, and building replacement costs, using building valuation manuals and professional cost estimators.

The Market

Homeowners, mortgage brokers and escrow companies. The key to success in this industry are alliances. You need to build working relationships with other professionals who commonly need, or whose clients need, real estate appraisal services. These professionals include mortgage brokers, bankers, real estate brokers, real estate agents, and real estate lawyers.

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