What is an Appraisal?
What is an Appraisal?
A professional will estimate the true value of the home by looking at the features, quality, age, and location of the home in addition to comparing it to other comparable homes in the area.
An appraisal is required by the lender to make sure that the mortgage is not higher than the value of the property.
The professional that estimates your property value is called an appraiser. The appraiser charges money for his or her services. This charge is called the appraisal fee.
An appraisal usually includes a Comparative Market Analysis (COMPS) where the property in question is compared to similar properties sold within the last year in the same area.
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