Agent

How to get the best appraisal for your house or condo

Technology improves but lacks human touch
Published on May 26, 2006

A few weeks ago I enjoyed lunch with one of my favorite Realtors. During our conversation, she told me about a home sale she recently closed in an upscale neighborhood for thousands of dollars above any previous sale price in that area. As I drove home from our lunch, I couldn't help but think, "I wonder how that house appraised for a much higher sales price than any recent comparable home sales price in the vicinity?" I sure wouldn't want to be the appraiser who got that assignment. Purchase Bob Bruss reports online. When a home buyer makes a small or zero down payment, the appraisal is vital to obtaining a high loan-to-value ratio mortgage. However, if a home buyer makes a large down payment, then the appraised valuation to confirm the sales price is not so critical. WHAT IS AN APPRAISAL? A state-licensed appraiser makes professional real estate appraisals. Any other evaluation, such as a real estate agent's estimate of market value, is not an appraisal, but rather an opinion of ma...

Comments