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The Importance of Real Estate Appraisals
Real estate appraisals play a crucial role in the property market, providing an objective assessment of a property's value based on various factors such as location, size, condition, and recent comparable sales. This valuation is essential for a number of reasons. First, appraisals are a key element in real estate transactions, ensuring that buyers pay a fair market price and lenders are confident in the collateral backing a mortgage. Without an accurate appraisal, there is a risk of overpaying for a property or securing a loan that exceeds the property’s actual worth, which could lead to financial loss or foreclosure. Additionally, appraisals are vital for refinancing, home equity loans, and tax assessments. Homeowners may need an updated appraisal to tap into their equity or challenge property tax assessments if they believe they are being overcharged. Similarly, real estate investors rely on appraisals to make informed decisions on property acquisitions or development projects. Appraisals also contribute to the stability of the broader housing market with accurate valuations helping maintain realistic pricing trends. In essence, real estate appraisals provide transparency and confidence for buyers, sellers, lenders, and investors, making them a cornerstone of the property market. -Brady
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So, you are selling your house or perhaps refinancing your mortgage. The bank hires an appraiser to estimate the market value of your property. What should you expect for the upcoming appraisal site visit? Let's discuss.
Questions we typically receive:Does the appraiser have to come inside? It depends on the type of loan and client requirements; however, the vast majority of the time the answer is yes. Does the homeowner have to be present for the appraisal site visit? If we have access to your property through a realtor or their lockbox, then no. Otherwise, you or a stand-in must arrange access (children are not allowed to be a stand-in). Do you take pictures of closets or other personal property? We do not take pictures of closets. We do not consider personal property in our appraisal reports, thus we do not specifically take photos of any personal property. However, furniture and other items may be included in our photos as we photograph each room. Any photos that include sensitive items, family portraits, etc will be blurred in our report. Who will see the photos or appraisal? Only the lender/client (whoever ordered the appraisal) will receive the appraisal that includes photos. Will the county appraisal district get a copy of the appraisal or be notified of the opinion of value? No. Only the lender/client will receive the appraisal. Is it okay to provide a list of recent updates or upgrades? Yes, absolutely. We always welcome additional data. Hopefully this basic information will help you know what to expect on an upcoming appraisal site visit. If you have any questions regarding an appraisal site visit, please do not hesitate to contact us! -Brady |
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