• 6 Creative Ways to Afford a Home   • 8 Ways to Improve Your Credit   • 8 Steps to Getting Your Finances in Order   • What can you afford?   • Choices That Will Affect Your Loan   • Information for your Lender   • Common Closing Costs for Buyers   • What Is Appraised Value?   • What You'll Net at Closing


What Is Appraised Value?

It's an objective opinion of value, but it's not an exact science so appraisals may differ.

For buying and selling purposes, appraisals are usually based on market value—what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

Appraised value doesn't consider special considerations, like the need to sell rapidly.

Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

Used with permission from Kim Daugherty, Real Estate Checklists and Systems,
www.realestatechecklists.com

Bordertown Realty, Inc.- 744 Ryan Dr. Suite #103 - Hudson, WI 54016
Office: (715)-386-6000 Toll Free:1-888-217-5965   
 
Questions or Comments?  Email us at: jean@BordertownRealty.com
 
The materials contained within this page may not be reproduced without the express written consent of Bordertown Realty, Inc. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.


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