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There can be differences between what the property is worth (market value) and what it cost to buy it ().A price paid might not represent that property's market value. Sometimes, special considerations may have been present, such as a special relationship between the buyer and the seller where one party had control or significant influence over the other pa
“An appraisal is always in the best interest of the buyer, as it will assess the value of the property and help the buyer have confidence in the purchase price of the home,” says Jackie Boies ...
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser.A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO.
The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the ...
An appraisal is a process used to determine the value of a home. Usually, if the homebuyer is seeking financing for the purchase, the bank or mortgage lender will require the property be appraised.
The successful sale of another house may be needed to finance the purchase of a new one. Appraisal contingency – Purchase of the real estate is contingent upon the contract price being at or below a fair market value determined by an appraisal. Lenders will often not lend more than a certain percentage (fraction) of the appraised value, so ...