What is Appraised Value?

October 16, 2009 | 99 Comments

 

 

Appraisals provide an objective opinion of the value of your home. Appraisals are usually based on market value and comparables or homes of similar size and year built. Some other types of value used in appraising a home include, insurance replacement,thumbnailCAO3L1CH replacement value, and assessed value for property tax purposes. Lenders can use either the appraised value or the sale price, whichever is less to determine the amount the mortgage will be. It’s important to remember that appraisals are not an exact science and can vary. Appraisals do not take into account individual circumstances, such as need to sell and cannot be based on any improvements that WILL BE made in the future. They are based on the condition of the house at the time of the appraisal.


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