What is “appraisal”?
by Scott Robinson/ Robinson Realty/ Broker Lic # 00862076
Appraisal is the process where an individual appraiser/appraisal company is hired by the bank, paid for by the borrower/buyer to come up with an accurate value for the subject property. This is done so that the lender can come to an agreed loan amount. Usually you will ask for a loan for say 80% of value. This appraisal will give them an exact amount that 80% is. It’s very hard to overpay for house nowadays due to the more difficult appraisal regulations developed in the last few years.
The appraiser looks at the property, measures and draws a plan of the house and property. He takes extensive notes on the amenities and issues adding and subtracting value to the property(Pool, what condition.. ) Each factor being important and make adjustments so they can come to a value. He/she…
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