Northern Virginia First time Home Buyer Guide-What is Appraisal of a property?
Purchasing a home itself is one of the unique life changing
experience. Investments, terms for loans, processes, and other parts of
real estate can often be overwhelming for a first time home buyer in Northern Virginia
Under many of my series I have explained terms that do come up in the
discuss and here is one of the big component "appraisal"
What is Appraisal?
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 independent licensed appraiser.
Why do you need Appraisal when purchasing a home?
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.
Similar interest read:
Selling-or-Refinacing but facing low appraisal what you can do?
Buyer & Seller -FHA Appraisal comes out Lower than Contract Sale Price Now what?