Orange County Property Appraisers – Real Estate Prices are Now “Real” Again
To prevent another real estate crisis in Orange County, CA, property appraisers are now held to higher standards than ever before. Property appraisers are licensed by the state in which they practice. States have different standards but the typical licensing procedure is that the prospective appraiser must compete certain courses and then undergo a period of internship.
Many lenders in Orange County used to have preferred property appraisers and even appraisers on staff. Today, appraisers are assigned to perform a real estate fair market valuation after being assigned by an independent third party.
Most Orange County property appraisers use two basic methods to prepare an appraisal. One method is called the sales comparison approach. In this appraisal, the appraiser uses recent sales in a similar area to develop the market value. The second method is the cost approach. The appraiser takes the square footage of the home and uses the square footage price a builder would charge to construct the home. The combination of these two approaches is the most effective way to implement checks and balances to reach a fair market valuation.
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