The Importance Of Appraising The Value Of Your Home
Posted by admin under: Uncategorized Sep 16A home appraisal is done when someone wants to find the market value. A lender will required one before loaning any money on the property. The appraisal will be the fair market value of the structure if it were to sell today. The lender will do an appraisal if the home is going to be refinanced. This is different then a CMA that a realtor does when they help decide how much to list the home for. Many times the two reports are close to the same number but the bank will only use the official appraisal document.
Many people get an appraisal if they are going to sell their home. They feel by doing this, they will be able to show potential buyers what a licensed appraiser says the value of the home is. They will also be able to show the bank that this is the amount they think their home is worth if they are applying for a loan. It cannot be accepted or used for the loan. The bank will often use an appraiser on their staff or one they choose to determine what they think the property is worth. The homeowners appraisal is only for their personal use. It is good information to have so they will be no surprises.
Friday, September 16th, 2011 at 12:00 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.