It’s an objective opinion of value, but it’s not an exact science so appraisals may differ.For buying and selling purposes, appraisals are usually based on market value—what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

 

  • Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.


  • Appraised value doesn’t consider special considerations, like the need to sell rapidly.


  • Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
DavidTheAgent
803.553.3740
 
Posted by David Labrecque on 01/06/2012 09:01 PM   Comments (3)   Real Estate for Sale in the ActiveRain Channel  
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Merry Christmas! Merry Christmas! Merry Christmas!
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Getting A Handle On Closing Cost (Part 3)
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Getting A Handle Closing Cost (Part 2)
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Getting A Handle On Closing Cost (Part 1)
12/19/2011
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This is the first of a series of articles about closing costs for Buyers and Sellers. The next will be some actual dollar estimates designed to provide you with some better idea of what you can expect. THE BUYER NORMALLY PAYS FOR: • One… more
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David Labrecque

Lexington, SC

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Russell and Jeffcoat

Address: 459 St. Andrews Road, Columbia, SC, 29210

Office Phone: (803) 553-3740

Cell Phone: (803) 798-1250

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