ORDER AN APPRAISAL
An appraisal is an opinion of value from a licensed real estate appraiser who visits the home and inspects its size, condition, function, and quality. First, an appraiser comes out to the property and inspects the home. Next, the appraiser researches similar homes in the area and compares recent sales to determine a fair market value.
The appraiser then gives a final appraisal report which includes a final “opinion of value.” A real estate appraisal helps to establish a home’s market value – the expected price it would fetch if offered in an open, competitive real estate market. Appraisals can help buyers ensure that they don’t overpay for a home.
By law, mortgage companies cannot complete their own appraisals so many hire an appraisal management company (AMC) to handle the work which, in turn, gives the work to a licensed professional appraiser. The appraisal must be performed by a third party who has no interest in the outcome of the appraisal.
for more details on home appraisals, Go To Turbo University COURSE 9: What is a home appraisal