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Tuscaloosa Real Estate FAQ: Appraisal- What is it?
Tuscaloosa Real Estate FAQ:  Appraisal- What is it?  My clients and customers asked many similar questions.  Many ask about appraisals, how an appraisal can help them sell their Tuscaloosa home or buy Tuscaloosa real estate.  Here is a short guide to UNDERSTANDING THE APPRAISAL PROCESSBEFORE THE APPRAISAL INSPECTIONWHY IS A REAL ESTATE APPRAISAL NECESSARY?Usually the appraisal is part of a loan application where real estate is being used as collateral or security for a loan.  The lender needs an accurate and unbiased estimate of value, which can be used in the loan application process.WHAT DOES A REAL ESTATE APPRAISER DO?A real estate appraiser values real property (land, houses, buildings, etc.), not personal property (cars, jewelry, boats).  The appraiser determines the physical characteristics of the property to be apprised and estimates the value based upon three common approaches to value- market, cost, or income.FOR WHOM DOES THE APPRAISER WORK?The appraiser usually works for an appraisal firm; sometimes he or she is self-employed.  The lender hires the appraiser, so the appraiser works for the lender in seeking a fair value.IF I PAID THE LOAN APPLICATION FEE, DOES THE APPRAISER WORK FOR ME?This is a common misunderstanding.  The appraiser works for the Lender.  The ... more

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