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What do I have to know about an appraisal and why do I need one?
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Market Value Most probable price which a property should bring in a competitive and open market
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A common misconception among homeowners when it comes to home remodeling and renovation is that cost equals value. However, not every renovation or remodeling effort will pay off at closing. While remodeling a kitchen or bathroom may bring the greatest return on your investment, some custom installations can actually detract from value. These are known as “over-improvements.”
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A key question to ask, prior to hiring an appraiser, is whether or not he or she is licensed. Also find out what type of license the appraiser has. Trainee? Standard License? Certified? General License? Two of these levels, Licensed and Certified Residential Real Estate Appraisers, may appraise real estate subject to limitations...
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If you’re a homeowner, someday you may need your property appraised. You may want to refinance, apply for a home equity loan, or sell your home. Whatever the case may be, you’ll want the highest possible home appraisal. Here are some helpful hints every homeowner should follow to prepare for the maximum home appraisal possible
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Ideally appraisers should have at least three in-house market data sources; two public records sources such as Data Quick and NDC data, and MLS (Multiple Listing Services) which real estate agents typically use.
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Selecting the most similar and recent sales comparables within the subject neighborhood is among the primary goals for an experienced real estate appraiser. It is a goal that is often tougher than it sounds.
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