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Call us at
706.571.0424 or 1.866.571.FMMC (3662) for a FREE Loan Analysis! |
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APPRAISAL ARTICLES
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Appraisal Basics
An appraisal of real estate is the comparison of three or more
properties located in the same area with similar qualities that
have sold in the past year.
Appraisal Methods
An appraisal is an opinion, or estimate of value. This opinion
or estimate is derived by using three common approaches. They
are: cost approach, income approach and comparison approach.
The most common of these three is the comparison approach.
When To Order an Appraisal
There are many reasons to obtain an appraisal. The most common
reason is for Real Estate and Mortgage Transactions: |
- To establish a value in order to begin the mortgage loan process.
- To establish a value in order to set a selling price for your home.
Home's Market Value
In the real world, very few individuals order appraisal reports
to establish an offering price or to substantiate a purchase
price. A homes actual value is a very important part of any
real estate transaction.
Appraisal Needed To Obtain Loan
Usually, individuals applying for a loan are only interested in
the end result, the funding or there mortgage loan, it is
usually necessary to acquire an appraisal to establish a solid
value to base the loan amount on.
Helping the Appraiser
Once you or the mortgage company have selected an appraiser,
be prepared to answer questions and provide any information that
will help the appraiser complete the appraisal as fast and
accurately as possible. |
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