Questions You Should Ask Your Appraiser | Bahamas Real Estate

Anyone desiring to own his/her own home will require the services of a professional appraiser at the start of that journey. Very likely, that need may arise again, somewhere down the Homeowner’s Road. Obtaining that initial appraisal report may seem like a daunting and somewhat intimidating process, one of many hurdles which must be navigated along the way to purchasing or building that home. But it can be one of the easiest and simplest exercises by asking a few key questions.

1. Table of Contents

   Is the appraiser licensed and experienced?

All real estate appraisers in The Bahamas are licensed by the Bahamas Real Estate Association (BREA), which is the governing body for all local real estate professionals. Ensure that you are dealing with a professional, who should quite readily provide you with a copy of his/her license. If the appraiser is fairly new to the industry, ensure they are working with other experienced appraisers.

2. Are the appraiser’s reports accepted by my financial institution?

Many well-meaning individuals rush to obtain an appraisal report, only to be told by their mortgage officer that another appraisal report is needed, as that initial appraiser is not on their list. Even though that appraiser may be licensed by BREA, many banks have established lists of appraisers who have demonstrated their ability to provide comprehensive reports, based on accurate market data and research, backed by professional indemnity insurance coverage. Avoid having to pay for two reports; make sure that first report will be accepted.

3. How long will it take to complete the appraisal report?

The answer to this question may vary from one appraiser to another, and could be influenced by the level of work in progress, or other real estate activities the appraiser may be involved with (many appraisers are also actively involved with sales and rentals). On average, an appraisal of a house or condo should be completed within three to four days after the appraiser is formally engaged. Appraisals of duplexes, triplexes and other multi-family facilities could take longer, as arrangements must be made with tenants to have all units available for inspection, if the building is already occupied.

4. What is the cost?

It is always interesting to see how long it takes for this question to be posed. Many times, it’s the first question. While it may very well be a good first (and maybe, only) question when purchasing a bag of sand, it should not be your first (and certainly not the only) question when seeking an appraisal. In fact, it should be one of the last questions. While cost may be your only consideration for that bag of sand, your decision to engage an appraiser should not be based solely on cost. It certainly is not worth being swayed by the cheapest price, if it takes two weeks and many follow-up calls to receive the report, or the report is not thoroughly prepared. It is not my intention to provide a fee schedule in this forum. Rather, a simple question for the client: will you be receiving value for money? Which leads to the final question:

5. Can you provide a few names of previous clients?

A professional appraiser who is providing prompt, efficient and accurate reports will not hesitate to provide those names. A further check can be made at the financial institution with whom you have or will be making your application. Your mortgage officer should be able to give a good verbal recommendation.

Be engaged. Ask questions. An educated consumer is the appraiser’s best client.

View a few of Raymond Antonio’s listings:

Eleuthera Development Property

Jacaranda Living

Victoria Court Apartment

Fox Hill Commercial Lot 

Rupert Dean Residential Lot

Read Raymond Antonio’s agent profile here to find out why you should choose him for your real estate and appraisal needs.

Contact Raymond Antonio for all of your Real Estate needs at 242-456-5935 or raymond@www.bettermcrbahamas.com