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Appraisal Guide

Why an Appraisal Is called?

 

An estimate of a property’s value and economic life determined by a qualified professional appraiser. The value may be based on replacement cost, the sales of comparable properties, or the property’s income-producing ability. This appraisal guide will help you understand the process.


The Bank or your mortgage broker normally calls an appraisal, once you have signed and accepted the mortgage commitment provided by the lender.


An appraiser from the lenders-approved  list will make an appointment, see the property, and gather data from the Multiple Listing Service of all the sales that have occurred in the last 6 months. This data will be used to find the best comparable to assist finding the correct for the value of your property.


The appraiser will write a report and send it directly to the lender for review. The information in the report will be detailed, most common items will the value of the house based on recent sales,  value of the home based on the cost to complete  remaining economic life of the property, detailed information of the taxes , lot size and square footage of the house.


The appraiser is not a home inspector they are working on behalf of the lender to give an approximate value of the house based on the public information available to them. You may have to pay for an appraisal, check with your mortgage representative before allowing one to be ordered.


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