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While interest rates are typically higher than home equity loans — currently averaging 12.33% APR for a 24-month loan but ranging from 6.94% to 35.99% — the approval process is usually faster ...
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 valuation of property for estimating just compensation due for a partial taking of property for purposes of constructing a public improvement may involve the use of several extraordinary assumptions or hypothetical conditions in both the before and after condition in order to formulate estimates of overall just compensation due or damages ...
At the onset of an assignment, an appraiser is obligated to gather certain specified preliminary data about the project, such as the nature of the property to be appraised, the basis of value (e.g. market, investment, impaired, unimpaired), the interests appraised (e.g. fee, partial), important assumptions or hypothetical conditions, and the ...
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Except in the case of property recently sold, valuation has some inherently subjective aspects. Values may change over time, and many states require taxing jurisdictions to redetermine values every three or four years. The value of property is often determined based on current use of the property, rather than potential uses. [25]
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