Who is responsible for estimating the value of real property?

An appraiser is a trained professional who specializes in estimating the value of real property. This valuation process involves a detailed analysis of various factors, including the property’s condition, location, features, and comparable sales in the area. Appraisers often use specific methods, such as the sales comparison approach, cost approach, or income approach, to arrive at a fair market value.

Real estate agents, while familiar with property values and market trends, do not provide formal appraisals. Their role is typically more focused on facilitating transactions, marketing properties, and advising clients based on current market conditions rather than offering precise valuations.

Bank managers and loan officers primarily deal with financial aspects related to property financing rather than conducting property valuations themselves. They may rely on appraisers' reports to determine how much to lend based on the appraised value but are not involved in the assessment process.