Acting Into Appraisals

By
Real Estate Agent with 702 Ventures Inc

Acting Into Appraisals

Investments, terms for loans, processes, and other parts of real estate can often be overwhelming to someone who hasn't received a degree in real estate.  If you are looking for definitions and actions behind those definitions, then don't forget about getting the right appraisals.  This will help you if you are looking for the right market for your home.

An appraisal consists of a professional opinion that is made about a property.  Included in this opinion are several factors that allow for this statement to be made.  Overall, the appraisal will lead to the conclusion of what the market value is.  If the market price can not be defined easily, then someone can look at the different parts of the property and determine what they believe the market price should be.  Usually, this will be done by an inspector looking at the various mechanics that may have been swept underneath the rug. 

An appraisal is a necessary requirement when one is looking into selling a home or having the property insured or financed.  It may use several external resources and definitions of what market value may include in relation to the opinion being made in order to determine the price value of a home.  When getting an appraisal, you can expect that the estimates will be based around the various factors that are related to the market at the time.  Instead of just examining the parts of the property, an appraiser will also examine the neighborhood and see what everything else is worth in relation to the property. 

By appraising a property, you will know how much the home is worth in relation to your own needs on the property and in relation to everything around it.  By observing the standards that are set both inside and outside, you will have the ability to know when the timing is right to get involved with your piece of real estate. 

 

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Jamie Maxwell - REALTOR®
REALTY360 - Las Vegas
6370 W. Flamingo Rd. # 27 
Las Vegas, NV. 89103

Phone/Fax 702.446.7812

Email LasVegasRealEstate@702Listings.com

Website: http://www.702Listings.com

 

Comments (1)

Sean Railton
Park City Realty Group - Park City, UT

As an agent who is an appraiser I thank you for explaining this to agents and clients.  An accepted contract is market value if the buyer is spending his own money.  When a buyer is borrowing money the client(bank) has the right to ask for certain parameters to be met which gives them a market value for lending purposes.  An appraisal done without these parameters will lend to a more credible opinion of market value.  If a buyer wants a property an appraisal is only one way to determine value and there are to different people(buyers) different values, needs and desires.

Nov 14, 2010 02:06 PM