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In a traditional appraisal, an appraiser goes to a home and does a thorough walk-through, recording details like square footage, acreage, number of bedrooms and bathrooms, homeimprovements, and additions. The hybrid appraisal has been around for about 13 years and was mainly used for foreclosures and short sales.
How Home Appraisers Decide on the Value of Your Property. There are many reasons you may need to know the value of your property and for this, you need a home appraisal. Home appraisals are a vital part of the home buying process as they have a big influence on the amount a lending institution will loan the buyer.
The bottom line is that if the contract price is in close alignment with the other approaches to value, especially the sales comparison approach, then this provides validation that it is a reliable indicator of marketvalue for the property so the appraiser will reconcile the appraisal at the contract price.
But first, let’s quickly cover the basics of home appraisals. What Is a Home Appraisal and Why Is It Important? A home appraisal is an unbiased report on the value of your home performed by a trained and state-licensed individual. An appraiser will also evaluate your home's foundation and its condition.
At its core, a home appraisal is a process wherein a trained, licensed professional will come to a home and make a determination of its fair marketvalue. Many people confuse the process of getting a home appraisal with a home inspection, which is a mistake. What Is an Appraisal?
By far, equity is one of the most important ways to preserve someone’s wealth because in theory, a home should always appreciate in value over time. Therefore, as the fair marketvalue of the home goes up while the amount remaining on the mortgage goes down, equity continues to build over the years.
By far, equity is one of the most important ways to preserve someone’s wealth because in theory, a home should always appreciate in value over time. Therefore, as the fair marketvalue of the home goes up while the amount remaining on the mortgage goes down, equity continues to build over the years.
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