Appraiser

Posted in Finance, Accounting and Economics Terms, Total Reads: 365
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Definition: Appraiser

A professional who has the knowledge, skills and expertise important to estimate the value of an asset or more specifically a property, or the probability of an event occurring, and the cost of such an occurrence. In an ideal scenario, an appraiser would act independent of the buying and selling sides in a transaction so that it arrives at a fair value of the asset without any bias.


Let us first understand what an appraisal really is? An appraisal is a valuation of a property (mostly real estate) given by a professional appraiser for example those designated by ASA (American Society of Appraisers). A professional appraiser will make an in-depth report for his or her clients which provides his or her point of view regarding the value at a given point in time for any kind of property whether it is a business, a pearl, an electricity-generating dam, a painting/statue, a house or anything else.


In order to prepare an appraisal one needs to have research, in-depth analysis of all necessary information and proper experience, skill, keen senses, knowledge and judgment to make a reasonable and believable opinion of value.


Appraisers are moreover, very useful when trying to attach a value to products such as jewellery, art, gems, and most importantly real estate. Since these assets lack liquidity and there is a necessity to believe in comparisons to come up with their value, investors like to place very high importance to an appraiser's work and insights.

 

Hence, this concludes the definition of Appraiser along with its overview.

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