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., 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 water or 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. I have a list of contractors, painters, and other services that can help improve condition if needed. A professional appraiser should be a qualified, disinterested specialist in real estate appraisals, with expertise in our 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.
COMPARATIVE MARKE TIVE MARKET ANALYSIS BY A REAL ESTATE PROFESSIONAL
This type of home valuation is normally free from real estate
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