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You Might Overpay for the Property One of the biggest risks of accepting an appraisal waiver is that you could pay more for the home than its actually worth. Heres why: When a traditional appraisal is waived, the lender determines the homesvalue using automated valuation models ( AVMs ) instead of an appraisers independent analysis.
Your home may be your favorite place to be, but it’s also an investment. Like any other investment, you want to know its value with some reliable degree of accuracy. A homeappraisal is an unbiased opinion of a home or property’s value. What’s in a Home’sValue?
Homeowners might overestimate the value of their DIY efforts, leading to a gap between their expectations and the appraiser’s assessment. One thing to keep in mind is that you may or may not get a 100% return on your DIY investment contrary to what you are told on all of the home improvement shows.
Custom features may not always contribute to value, because they may not be widely accepted by your market. The more you stray from the norm the less likely you’ll see a return on your investment. . OlaesSmith Appraisals : A good way to build equity in your home is to see if your house is being used at its highest and best use.
Each week, Harris covers the latest appraisal industry news, interviews successful and influential people, talks with fellow appraisers about hot topics, and reveals his secrets to success. HomeValue Stories. Related reading: Best Sources for Keeping Up-to-Date on Real Estate Appraisal News. ” here: ?.
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