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Appraisal Basics


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One of the most critical parts of getting a mortgage is the appraisal. The purpose of an appraisal is to confirm the home value for you and the lender. An appraisal is a professional estimate of the value of the property that you are planning to purchase.

According to Wikipedia:  

A real estate appraisal is a property valuation or land valuation and an opinion of the value of real property, usually its "market value".

The need for appraisals arises from the heterogeneous nature of property as an investment class:  No two properties are identical, and all properties differ from each other in their location - which is one of the most important determinants of their value. If the appraiser's opinion is based on market value, then it must also be based on the highest and best use of the real property.


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Related Articles:

What Do Appraisers Look for When Determining a Property's Value?

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Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property. A common...

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Myths About Home Values

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Regardless of whether home prices are going up or down based on outside economic factors that impact housing markets, appraisers have continued to follow a standard set of guidelines and practices...

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Comparable Sales

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Why is there such a difference between what my appraised value is and the price similar homes are selling on my street? This is a great question and you don't have to be a mortgage professional...

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How Do Mortgage Companies Value a Property That Hasn't Been Built Yet?

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It's obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining...

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141 Providence Rd, Charlotte, NC  28207

704-991-2828  |  mortgage@uwharrie.com

NMLS# 447110    |    FAIR LENDER    |    FAIR HOUSING    |    Member FDIC