What is an Appraisal on a House?
A home appraisal is used to determine the value of a house. It starts with a professional appraiser evaluating the home’s:
- Overall condition
Additional considerations include:
- The Neighborhood
- What Similar Homes in the area have sold for in the past six months
- The home’s replacement cost
Once that has been evaluated, the appraiser generates a report. The appraiser’s report is called an appraisal. The buyer and lender receive a copy of the report so everyone knows the home’s fair market value.
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