Beginners Guide to the Home Appraisal If you are new to the real estate world, you need to be aware of the home appraisal process. The property appraisal is the life savior for those who are involved in any property transaction. Through the home appraisal process, you come to know the actual worth of the property. Naftali Horowitz is the appraiser who does a complete evaluation of the property from the interiors to the exteriors to arrive at the fair estimate of the property value. Appraisals are used before carrying out any purchase and sale transaction. Keep reading to know more about the property appraisal process.
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How the appraisal process takes place: Since the appraisal process protects the interest of the lender, it’s usually the lender that carries out the appraisal process. But, the appraiser must be impartial and should provide an unbiased estimate of the property value. Appraisers should safeguard the interest of both the buyers as well as sellers. Method of appraisal: There are there basic methods that are put to use for carrying out the appraisal process. Cost approach, income method and sales comparison method.
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Benefits of appraisal: Home appraisal assists in decision making, help in determining the market value of the property. Property appraisal also aids in insuring the value of the home.