An appraisal is an opinion of value that is completed by a professional appraiser who visits and inspects the size, condition, function and quality of the home. There are a few steps in the process. First, a licensed appraiser comes to the property and inspects the home. Next, the appraiser will research similar homes in the area and compare recent sales to determine a fair market value. The appraiser will then give a final appraisal report with all the data and research to issue a final “opinion of value.”
You need an appraisal for a home loan, because a real estate appraisal helps to establish a property’s market value – the likely sales price it would bring if offered in an open and competitive real estate market. Appraisals protect both the lender, as well as the client, so they don’t overpay for a home. By law, the appraisal must be done by a third party licensed independent professional appraiser who has no interest in the outcome of the appraisal.
It's important to know the worth of your assets as a seller and a buyer!
Author:Brooke Willmes Phone: 267-980-5858 Dated: November 30th 2015 Views: 1,007 About Brooke: I have 14 years’ experience in residential and commercial properties throughout the Philadelphia a...
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