Appraisal Basics at Daily Interest.com

About Appraisals

An appraisal is performed in order to estimate what the value of your home would be if it were put on the market today and sold.

An appraisal can be an invaluable resource when purchasing a new home. Any offer made on a home should be contingent upon the home appraising at the offered price.

In addition, when obtaining a mortgage, a lender will determine if they will lend you the money based upon the appraised value of a house. Therefore, I only use lendor approved appraisers that are beyond reproach and will come back to you with an honest value of the home every time.

Basis for Value
The value is based on similar homes that have sold in the area within the last 12 months.

Homes that are located within 1 mile of the property are considered the best comparisons and any property that is farther than 1 mile away must be justified by the appraisor in order to be used as a comparison.

Stretching Values? Is it worth it?
Many times, there are times when clients ask me to get a higher value for their home.

First off, DO NOT allow anyone to use an appraisor that will stretch or fudge the numbers in order to get you a desired value.

Consider what you are asking for. You may really want that house, but if you know that other houses in the area have not sold for that price,ask yourself this question:

"Should something happen and I have to sell the house for the lower (realistic) amount, where am I going to come up with the rest of the money to pay off the bank?"

Harry Smith email Harry@dailyinterest.com or reach me by phone Office 1-248-548-7655 Cell 1-248-514-9000	Drew Smith email drew@dailyinterest.com or reach me by phone Office 1-248-548-7655 Cell 1-248-703-7770
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