What is a real estate appraisal

A real estate appraisal is a process through which the value of a property is determined by a licensed appraiser at Measured Home Services.

This professional opinion of value is based on a thorough analysis of various factors that can affect the worth of the property, including its location, size, condition, and features.

The appraiser may also consider recent sales data for similar properties in the area to help establish the value of the subject property.

Real estate appraisals are commonly required by lenders when a borrower applies for a mortgage or home equity loan.

The lender wants to ensure that the value of the property being used as collateral for the loan is sufficient to cover the loan amount in case the borrower defaults on the loan. In this case, the appraisal serves as a protection for the lender.

Appraisals may also be used in other situations, such as divorce settlements, estate planning, and tax assessment appeals. In these cases, the appraisal is used to determine the fair market value of the property for the purpose of dividing assets, establishing an estate's worth, or appealing a property's tax assessment.

Overall, a real estate appraisal is an important tool for establishing the value of a property for a variety of purposes. It involves a thorough analysis of the property and the surrounding market conditions to provide a professional opinion of the property's worth.

Schedule your appraisal today with Measured Home Services and know how much your home is worth so that you can make informed real estate decisions.