Appraisals
An appraisal is usually ordered by your lender if obtaining a mortgage when purchasing your home. However, if your paying cash it is always a good idea to have an appraisal done before purchasing your new home in order to determine the fair market value. This can be renegotiated if the appraisal is returned lower than the sales price.
Definition of appraisal: "Real estate appraisal is the process of developing an opinion of value, for real property. Real estate transactions often require appraisals because they occur infrequently and every property is unique, unlike corporate stocks, which are traded daily and are identical."
Definition of appraisal: "Real estate appraisal is the process of developing an opinion of value, for real property. Real estate transactions often require appraisals because they occur infrequently and every property is unique, unlike corporate stocks, which are traded daily and are identical."
