Lets Talk Value

An appraised value of a home is determined by an ACC accredited appraiser. The appraiser visits the subject property and makes notes about the property type, house size, building materials, location, views, slope gradience in relation to other sold properties in similar areas. They then come up with a fair market value for the subject property by using one or more appraising methods. The main three methods are 1) Sale comparison approach 2)The cost approach and 3) The income or capitalization approach.

Lenders require appraisals sometimes to confirm the value of the home is not considerable over or under the sale price. Appraisals are used to determine value when a homeowner is refinancing or during a non-arms length transaction. If a lender is concerned about a home's, integrity an appraisal could also be ordred then.

Reach out to your mortgage broker if you need suggestions on which appraiser to use!