by Maria Hethcoat CIPS, Realtor® - EVERYTHING YOU NEED TO KNOW TO AVOID FORECLOSURE

of the lot, corner location, landscaping, reroofing, carpet and window upgrades — this list is almost endless. These features and overall value may have changed dramatically since the last time the home was appraised, so a new appraisal must be conducted. An appraisal helps in various decision points. The seller can use the appraisal as a basis for pricing. The buyer can use it on which to base an offer. Lenders use appraisals to know how much money to credit to their borrowers. The most 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 type 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, but since property can’t change location, it’s often upgrades or improvements to a residential property that enhance its value. An appraisal professional will examine your home, then prepare an impartial estimate of its current worth. The original selling price is only a starting point, but the appraiser will need to consider the recent sales prices of comparable homes near yours. For this reason, the appraiser needs to be familiar with your local housing market.