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The Intent of the Appraisal<-- Return to News, Articles and Resources
What is it?
An appraisal is the most complete home valuation product available. It is the standard property valuation report used by lending institutions. An appraisal is a highly accurate opinion of value from a local, licensed appraiser. An appraiser will make an appointment to view your home and supply you with a written report that will include an opinion of value in today's market. Each report will also include comparable sales, formulas and the qualifications of the appraiser.
Who needs it?
An informed homeowner can save literally thousands of dollars on the most valuable investment that they may possess in their lifetime! Ordering an Appraisal in many cases is an important and wise decision.
Every appraisal is ordered for a specific reason. The following is a list of some of the reasons why a full blown "traditional" or "conventional appraisal" is necessary.
A New Mortgage through a local bank or lending institution is probably the most common reason for ordering an appraisal. However, it is important to note that the lending institution usually requires that the appraiser is on their �approved list�. So it is always a good idea to check with the lender before ordering a report.
2nd Mortgage or Equity loan: This type of loan is typically used for borrowing on the equity (the difference between your existing loan and the current value of your home). Again it is a good idea to check with your lender on weather or not you may order this on your own. By ordering an appraisal you may be surprised at how much equity you have in your home!
Estate sale: In the event of the settling of a family estate where real estate is involved it is an excellent idea to have an outside source place a value on any real estate. An appraisal is performed by a unbiased 3rd party who has no financial reward in the outcome. An appraisal in this case often times will settle any possible disputes.
Divorce: Again it may become necessary to avoid lengthy and costly attorney fees by having an outside source intervene in obtaining a fair market value. Using FullAppraisals.com in the event of a pending divorce will be very effective.
Insurance: In the event that your property has been damaged, an appraisal will help to establish the current "as is" value of your for reimbursement and repair.
Selling your home is an excellent reason to order an appraisal report. Although it may be necessary to hire a realtor to assist you, an appraisal will give you the objective opinion that you need when making the decision on a listing price. Sometimes realtors have a tendency to give the seller an unrealistically high expectation of value. This ultimately leads to disappointment and price reductions for the seller. Having a realistic view of your property value before you place it on the market may save you thousands of lost dollars otherwise.
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