5 Facts About Appraisals

5 Facts About Appraisals

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“What is the appraised value of my home?” This is a common question realtors get asked.  A realtor can give you a Market Analysis that will show you what home are currently listed for and what they have sold for in your area, but only a licensed appraiser can give you a true appraisal that lenders use on basing loan value of a property.  


Here are five facts about appraisals: 


  • Appraisals provide an objective opinion, but it 's not an exact value and appraisals may differ.


  • For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.


  • Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

  • Appraised value does not take into account special considerations, like the need to sell rapidly.

  • Appraisers Lenders usually use either the appraised value or the sale price, whichever is less.


Interest rates are currently around 4.00% and you only need a downpayment of 3% on FHA or 5% on conventional loans.


It's a great time to buy real estate so give me a call and let's start your home search today!   Also, if you are thinking about selling, a complimentary analysis of your home’s value and what you can net if you sold your home “now”, contact me today







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Phone: 940-368-1306
Dated: May 31st 2016
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About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...

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