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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation.
Market value is the most commonly used type of value in real estate appraisal in the United States because it is required for all federally regulated mortgage transactions, and because it has been accepted by US courts as valid. However, real estate appraisers use many other definitions of value in other situations. [5]
Purpose: The purpose of an appraisal is to determine the monetary value of a home. This can be impacted by its condition but also hinges on factors like the local real estate market and comparable ...
One of the most difficult aspects of the real estate market is estimating the value of a home. With local market conditions changing all the time, it can be hard to accurately price a property. In ...
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser. A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO. A BPO can be either an exterior drive-by or a full interior report.
The purpose of an appraisal is solely to assess the market value of the home. A home inspection evaluates the property’s condition, including its safety and the functionality of its systems ...
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