|
|
What is Appraised Value?
- Appraisals provide 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 take into account 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.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.Copyright 2008. All rights reserved.Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com
Andrea Vela
|
|
Nancy Chandler Real Estate Agency and Realtors for Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk
701 West 21st Street, Norfolk, VA 23517 Phone:(757) 623-2382 Fax:627-8180 • 636 Cedar Road, Chesapeake, VA 23322 Phone:(757) 436-5500 Fax:547-4523
© Nancy Chandler Associates, Inc. REALTORS ® 1997 - 2008. All rights reserved. Privacy Statement Terms & Conditions Site Map Web design by Ciniva
|