A real estate appraisal is a licensed appraiser’s opinion of a home’s current market value based on a number of factors, including recent comparable home sales, the location, condition, and quality. An appraisal is the most accurate and reliable method for determining a home’s value, which may be needed for a variety of reasons.
Appraisals are used by lenders, when a home is sold or refinanced, to ensure that the buyer isn’t spending too much and the lender isn’t loaning too much. Countless appraisals are used for such transactions, but there are a number of other times when the services of an unbiased real estate professional might be useful.
Determining Listing Price
If you’re looking to list your home for sale, a pre-listing appraisal can help to maximize the sales price while minimizing the market time.
One of the most significant things often disputed during a divorce is the disposition and value of the real estate.
Estate appraisals are used for a variety of purposes related to estate planning or the settlement of an estate.
An appraisal can help determine if enough equity has been built and if private mortgage insurance (PMI) can be removed.