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Appraisal 101 For Boston Home Buyers

By Sheryle DeGirolamo

Real Estate Broker/Owner with Kensington Real Estate Brokerage 9001916

September 15, 2010 02:29 AM

It's not just back to school for the kids, it's back to school for Attleboro home buyers, North Attleboro Home Buyers, Foxboro Home Buyers, and the surrounding areas. The difficult thing about home buying, is that no everyday home buyer is really an expert. Buying a home is a transaction you only make a few times in your life, so most of you are rusty. In this blog, I would like to help you polish up your skills a little on a very important aspect of home buying - the Appraisal.

ap·prais·al n. The act of establishing the property market value of a home.

ap·prais·er n. An impartial, independent third party who provides an objective report on the estimate of value fo real estate.

Appraisals vs. CMA's
A comparative market analysis is used to help the home seller determine a realistic asking price; it can be pretty close to an appraisal, but it is more casual. An appraisal, on the other hand, is very detailed, and is the only valuation report a bank will consider when deciding whether or not to lend the money.

Appraisals vs. Home Inspections
An appraisal acquires details about the subject property, comparisons of similar properties, an evaluation of the real estate market in your area, what type of area the home is in, and notations about seriously flawed characteristics. A home inspection is very different. Home inspectors test appliances, look at the roof, check the chimney, etc. to determine if your home is in good, working condition.

It is important for South of Boston Home Buyers and North of Providence Home Buyers to get a satisfactory appraisal. It's one thing to get personal approval on the loan, but it's more important to the bank that the investment on the Wrentham home or Plainville home is covered.

It is possible that the appraisal could come in low. If this is the case, I would love to give you tips on how you can correct the problems and still make the deal work. With a proven track record as a top producing Boston Real Estate Agent, I am experienced in the ways of appraisals and home value. Please give me a call if you are looking for a good recommendation for an appraiser, or just need general advice on home buying in Boston.