Appraisal
An
estimate of the value of property, made by a qualified professional called
an "appraiser". Before a lender will lend you the money for
a home, they will first require an appraisal
to be done by a qualified licensed appraiser.
An
appraiser
will go out to the subject property and do an inspection of the inside
and outside of the property and take pictures as well as measurements
to determine square footage.
Once
completed, the appraiser will complete a written report of approximately
twelve to eighteen pages.
The
appraisal will include an assessment of the value
of the home based on an opinion of fair
market value.
Comparable
sales within your neighborhood during the last twelve months are also
used to determine fair market
value.
Appraisers
prefer to be paid at the door. However, some are willing to be paid at
closing.
Closing
Costs
Loan
To Value Ratio
Home
Inspection
Home
Maintenance
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