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Residential
A home purchase is the largest single investment most people will ever make. Whether it's a primary residence, vacation home or investment property, the purchase of real property is a complex financial transaction that requires multiple parties to pull it off. Included are a familiar cast of characters, the realtor, the mortgage broker, the attorney; but who makes sure the value of the property is in line with the amount being paid? This is where the appraisal comes in. An appraisal is an unbiased opinion of a property's value on the open market; an estimate of a property's type and condition, its utility for a given purpose or its highest and best use. To be an informed party, most people turn to a licensed professional appraiser to provide them with the most accurate estimate of the true value of their property.
There are two common appraisal methods used for residential properties:
Sales Comparison Approach
Cost Approach |
Why Should You Get a Real Estate Appraisal? There are many reasons to have an appraisal done of your property. Click here for an overview.
Click below to find out about these top appraisal reasons. |
