Deciphering Home Appraisals: A Comprehensive Guide
By Michelle Gibson, REALTOR
(Hansen Real Estate Group Inc. )
Deciphering Home Appraisals: A Comprehensive GuideWhen it comes to buying or selling a home, the process can often seem like a complex maze filled with jargon and paperwork. One critical element of this process is the home appraisal. Home appraisals play a pivotal role in determining the value of a property, and they are conducted for various reasons, including mortgage approvals, refinancing, and estate planning. In this comprehensive article, we will break down home appraisals, and discuss what they are, who orders them, and why they matter in the real estate world.Understanding Home AppraisalsWhat Is a Home Appraisal?A home appraisal is a professional assessment of a property's value conducted by a licensed appraiser. The primary purpose of a home appraisal is to determine the fair m...
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