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How Does Home Appraisal Work?

Home appraisal, land valuation or real estate valuation is the procedure of coming up with an accurate assessment of value for a particular piece of real estate. It is widely used in residential as well as commercial properties. Real estate deals often involve appraisals as they happen infrequently and each property is unique, unlike stocks, which are almost identical and happen regularly. Appraisals are also essential in cases of divorce, selling of a house, purchase of a business and many other legal matters.

In recent times, home appraisals have become integral parts of the process of selling any property. The Home Inspection Report forms part of a Mortgage Broker’s service and is required for all mortgage loans to be processed. An appraiser verifies that the recently sold properties conform to certain criteria and ensures that the condition of the home meets the requirements of the mortgage lender.

If a home appraisal is performed on your property, the results are valuable and can influence your ability to sell it. An expert appraiser determines the fair market value of the property through a process of investigation, analysis and mathematical techniques. An appraisal report gives a fair evaluation of the home based on facts and figures. The appraisal covers such areas as size, location, condition, construction, features, architecture, age and many other factors.

In most cases, home inspections are carried out by licensed professionals who are highly trained in home inspection. They conduct the inspection with the assistance of a thorough home inspection manual. The home inspection manual usually outlines the procedures required by law and includes details about the procedure to be followed in each particular case. The appraisers carry out thorough investigations of the properties to be inspected.

Appraisers look at various aspects of the house to arrive at a final figure. For example, they will look at the structure and check for leaks, cracks, doors that do not open and others. They may also look into the attic and basement to ensure that they are in proper condition. These days, with so many houses being built on high ground, it becomes increasingly important for home buyers to ensure that there are no underground issues that would affect the structure of the house. The entire process of home appraisal and home buying can be extremely tedious.

In addition to this, in most cases, home appraisers look at only those houses that have been on the market for a reasonable length of time – usually six months or more – so that comparative prices can be obtained. Comparable homes are those houses that have been listed for sale for a minimum of six months. Most home appraisal companies provide this service online to assist buyers with their home buying process. Home buyers can access these companies from the Internet twenty-four hours a day and are able to obtain accurate and up-to-date appraisals of comparable homes without ever leaving the comfort of their own home.

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