An appraisal is a valuation of property by a certified appraiser for insurance, taxation, or sale purposes, ensuring accurate assessments and fair market value.
Appraisals are vital in real estate deals. They influence mortgage approvals and loan amounts, with lower valuations potentially requiring renegotiations or extra funds from buyers.
Appraisers use methods like comparing similar properties (comps) to determine value. This includes a thorough inspection and a report that helps lenders avoid over-lending and potential losses.
Appraisals extend to collectibles and antiques for insurance. Accredited appraisers provide unbiased valuations, essential for accurate insurance coverage and swift claim settlements.
Home appraisals determine market value, influencing loan offers. They help lenders avoid losses from defaults and assist in disputes over property value, tax assessments, or estate divisions.
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