characteristics.
Lenders use appraisals to know how much money to credit to their borrowers. When appraisals of a property come in Lower Than Amount Offered, the buyer is responsible to provide the difference in their offer; (if the appraisal comes in 20,000 less than the buyers offer, then the buyer is responsible for that difference)
The important factors in a house appraisal are:
• Dwelling type (e.g., one-story, two-story, split-level, factory-built) • Features (including design) — materials used and the kind of structure present and how they were built • Improvements made • Comparable sales • Location — type of neighborhood, zoning areas, proximity to other establishments • Age of property • Size • Depreciation Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as property cannot change location, Upgrades or Improvements to a Residential Property often can Enhance its Value. A professional appraiser should be a qualified, disinterested specialist in real estate appraisals, with expertise in your region. His or her job is to determine an estimated value by inspecting the property, reviewing the initial purchase price, and weighing it against recent sales with the same purchase price.
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