What is a Real Estate Appraisal?
- Posted by Ellie Lacy in Real Estate
- No Comments
-
When you are buying or selling a home, one of the most important aspects of the process is getting an accurate real estate appraisal. This document tells you what the property is worth in the current market, and it can be used as evidence in case there is a dispute about the sale price. So what exactly is a real estate appraisal? And how do you go about getting one? Keep reading to find out!
A real estate appraisal is an independent, objective estimate of the value of a property. It can be used by buyers and sellers to help negotiate price during home sales or mortgage refinance transactions, as well as by lenders looking for collateral when issuing loans. There are many different types of appraisals, from those that only consider market conditions (called a market value appraisal), to those that include a detailed analysis of the property and its features (an interior inspection appraisal).
Most appraisals are conducted by certified or licensed appraisers. In order to become an appraiser, you must first complete an apprenticeship program and then pass a certification exam. To maintain your certification, you must complete continuing education classes every two years.
There are many reasons why an appraiser may value a property differently than what was originally stated in the listing price. For example, market conditions can change over time and cause comparable sales prices to fluctuate, or perhaps there was some sort of mistake made when assessing square footage (i.e. a room was measured incorrectly). Whatever the reason, it’s important to have an accurate appraisal so that everyone involved in the transaction is on the same page.
If you’re thinking about buying or selling a home, be sure to get an appraisal from a qualified professional. It can help ease some of the stress and uncertainty that comes with such a big purchase or sale. And remember, if you have any questions about appraisals or the real estate buying/selling process in general, don’t hesitate to ask! I’m here to help.
If you have any questions or need help selling your home, I can help you with the complete process. I specialize in Friendly Valley and have a list of buyers waiting for homes.
Ellie Lacy
Keller Davis Realty Friendly Valley
19310 Avenue of The Oaks
Newhall, CA 91321
(661) 341-6226
