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| Appraisals |
An appraisal is an estimate or opinion of value given by an independent appraiser who is licensed by the state. Your lender requires an appraisal to make sure the property is worth what you (and they) are investing in it. The appraiser will make an appointment to go look at the property. He or she will measure to determine total square footage, and will make note of outstanding features, the quality of the finish and such things as appliances, flooring and wall coverings. The lot will also be considered--along with the landscaping and fencing. The appraiser will estimate value by comparing the property with similar ones which have sold recently and then making adjustments for their differences. The written report will contain an opinion of value and the justification for this opinion. Support data, such as comparables and neighborhood information, will be included.
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