|
Appraisals
An appraisal is a document used
by a lender in order to determine an opinion of value for a property
at a given time. Appraisers base this opinion on facts regarding
the location, improvements, and surroundings of the property.
The most
important factor in determining a range of value for a property is
the availability of what appraisers call Comparable Sales.
This industry term refers to other homes with similar size and build
that have SOLD in close proximity.
In order to
make an assessment of your property’s value when evaluating
potential loans with your Mortgage Banker, be prepared to discuss
the following:
|
• |
What are homes in your
immediate neighborhood selling for? |
|
• |
What are homes with similar
Style (2-story, Ranch, Multi-level) selling for in your
neighborhood? |
|
• |
Have you made any recent
improvements to your home? |
|
• |
What is the condition of your
home in relation to recent sales or listings? |
After
evaluating the potential value of your home and determining what
loan program fits your needs, your Mortgage Banker will assist you
in scheduling an appointment with a local appraiser. Your
local appraiser will be able to address any questions about the
sales and predominant home values in your area and will work with
your Lender to identify any potential enhancements or obstacles that
may arise in relation to the appraised value of your property.
Contact Us
|
