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Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
Appraiser gives an opinion and writes a report – The appraiser takes photos to document the property’s condition and, in the case of a single-family home, completes a form called the Uniform ...
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals. It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit".
Identify the purchase price: The amount of the sales price or a reasonably ascertainable figure (an appraisal to be completed at a future date) must be on the contract. Include signatures: A real estate contract must be entered into voluntarily (not by force), and must be signed by the parties.
By setting up a sort of firewall between lenders and appraisers, in the form of middlemen known as appraisal management companies, they hope to prevent inflated appraisals -- and perhaps another ...
By law, appraisals are required to be independent and objective. An appraiser will conduct a visual inspection of the home and look at recent home sales in the area, known as comparables or comps ...
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