the appraisal as a basis for pricing. The buyer can use it as a gauge on which to base an offer. Lenders use appraisals to know how much money to credit to their borrowers.
The important factors in a house appraisal are:
• Dwelling type (e.g., bungalow, two-story, split-level, Bi- Level) • Features (including design) — Quality of the fixtures & materials used • Improvements made • Comparable sales • Location — Lot location, community features, zoning, proximity to amenities. • Age of property • Size • Depreciation A professional appraiser should be a qualified, arm's length licensed real estate appraiser with expertise in your community. His or her job is to determine an estimated value by inspecting the property, reviewing the purchase price, and weighing it against recent similar sold properties in the same or similar community.
COMPARATIVE MARKE TIVE MARKET ANALYSIS BY A REAL ESTATE PROFESSIONAL
This home valuation, called the Comparative Market Analysis (CMA), is offered for free by most real estate professionals. It's much more detailed and helpful than automated online values. It provides detailed information on each house sold in your area over the last six months, along with the final sale price. It also includes the specifics of all the houses for sale in your area, including the original asking price. These homes are your
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