Appraisal Overview
It is critical that you choose an appraisal firm that devotes time to analyzing all of the pertinent appraisal factors as they relate to your property. This is not just number crunching - it requires an intimate knowledge of information sources, an understanding of trends in the market, a thorough approach and a dedication to communicating clearly.
An appraisal is a detailed analysis of all the factors that determine the value of a property including:
- Location
- Condition
- Size
- Proximity to facilities
- Comparable properties
To determine comparable properties, an appraisal typically includes a review of:
- Sales of similar properties nearby
- Recent tax assessments
- Replacement Cost (also called the "cost of rebuilding")
At the completion of an appraisal, you can expect a comprehensive report that details the above information in a format acceptable to you, your lender or another interested financial institution.
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