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What is a real estate appraisal?
There are several different types of appraisals. How do I know which one I should pick?
Is a home inspection the same as an appraisal?
When refinancing, can the appraisal from the purchase be re-used?
Will the property owner know the value of the home before the appraiser leaves?
What is a real estate appraisal?
An appraisal is an inspection of land or real property done by a state licensed or certified real estate appraiser. The appraiser uses specific information to determine the market value of the home.
There are several different types of appraisals. How do I know which one I should pick?
The type of appraisal is determined by the lender, and by the type of loan being obtained. The appraisal will give a market value to the property and helps the lender determine how much money the borrowers will need.
Is a home inspection the same as an appraisal?
A home inspection is optional and usually requested by the buyer. The home inspector looks at the structure and functional use of the home. The appraisal is used to determine the market value and is required by the lender.
When refinancing, can the appraisal from the purchase be re-used?
If it has been some time since the property was purchased, the lender will require another appraisal. If it hasn't been that long, the lender may accept the appraisal used for the purchase, and require a recertification of the value. This will all depend upon the date of the original appraisal, and the lender.
Will the property owner know the value of the home before the appraiser leaves?
No, there are several factors that go into completing the appraisal. This is only the physical inspection, the appraiser will also need to determine the costs of similar homes that have sold in the area recently.