“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
Author:Sherry Cabrera Phone: 214-454-6969 Dated: May 31st 2016 Views: 501 About Sherry: Sherry was raised in Mississippi and moved to Dallas 16 years ago with her daughter. Prior to movin...