What Exactly Is A Real Estate Appraisal?

Most people know that an appraisal is part of the home buying process.  Do you actually know what the appraisal consist of?  The official definition of an appraisal is “the process of valuing real property. The value usually sought is the property’s Market Value.  Appraisals are needed because real estate transactions occur very infrequently. Not only that, but every property is different from the next, a factor that doesn’t affect assets like corporate stock.  The appraiser usually provides a written report on this value to his or her client. These reports are used as the basis for mortgage loans, for settling estates and divorces, for tax matters, and so on. Sometimes the appraisal report is used by both parties to set the sale price of...

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