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Written by Tamara Schmitt
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Monday, 07 November 2005 |
In order for the appraiser to perform his/her job properly there might be requirements for additional information. Some information that may be requested is as follows:
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Last Updated ( Tuesday, 22 August 2006 )
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Who determines the market value of a property |
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
The seller of the property is the person who sets the price of the property (specially residential property), and not an appraiser. This is because sellers normally do not order an appraisal when selling their homes. Sellers wish to obtain the highest selling price possible for their homes and hence do not want to be bound by the appraiser's assessment of their home.
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
Even though the borrower pays for the appraisal, the mortgage company owns it. This is because the mortgage company orders the appraisal on the borrower's behalf, and the appraiser lists that mortgage company on the appraisal report.
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Last Updated ( Tuesday, 22 August 2006 )
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What are Appraisal Methods |
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
Appraisers use three common approaches when establishing the value of a given property:
1. Cost Approach: In this approach the following formula is used to arrive at the property value:
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
The most common reason for ordering an appraisal is to obtain a loan on a property. However, there are several other reasons why an appraisal might be needed. Below are just a few:
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
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Appraisal is a document that gives an estimate of a property's fair market value. An appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. |
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Last Updated ( Tuesday, 22 August 2006 )
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