When it comes to determining the value of a property, appraisers play a crucial role in the process. One of the most important tools appraisers use to gather information is public records. But do appraisers actually use public records during the appraisal process? In this blog, we’ll explore the role of public records in the appraisal process and what information appraisers can glean from these records.
Public records are a treasure trove of information for appraisers. These records provide a wealth of data on property ownership, sales history, and property characteristics. Some of the most commonly used public records include:
- Property deeds: These records provide information on property ownership, boundaries, and any easements or restrictions.
- Property tax records: These records show the assessed value of the property, as well as any exemptions or abatements.
- Municipal records: These records provide information on zoning, land use, and any permits or licenses issued for the property.
- Assessor’s records: These records provide information on property characteristics, such as square footage, number of bedrooms and bathrooms, and lot size.
Appraisers use public records to verify property information and to gather data on comparable sales. By analyzing public records, appraisers can identify trends and patterns in the local real estate market, which can help them estimate the value of the subject property. Additionally, public records can help appraisers identify potential issues with the property, such as environmental hazards or liens.
Conclusion
In conclusion, public records play a critical role in the appraisal process. By analyzing these records, appraisers can gather valuable information on property ownership, sales history, and property characteristics.
This information helps appraisers to estimate the value of the subject property and to identify potential issues that may impact its value. Whether you’re a homeowner, appraiser, or real estate agent, understanding the importance of public records in the appraisal process can help you make more informed decisions when it comes to buying or selling a property.